Your mother is about to retire and wants to buy an annuity that will pay her $75,000 of income a year for 20 years, with the first payment beginning one year from today. The going rate on such annuities is 5.25%. How much would it cost her to buy the annuity today?

a. $893,837

b. $915,167

c. $938,345

d. $959,326