Your uncle is about to retire, and he wants to buy an annuity that will provide him with $62,000 of income a year for 20 years, with the first payment coming immediately. The going rate on such annuities is 5.25%. How much would it cost him to buy the annuity today?

Group of answer choices

$859,956.52

$700,705.31

$756,443.23

$740,518.11

$796,256.03