Your uncle is about to retire, and he wants to buy an annuity that will provide him with $75,000 of income a year for 20 years, with the first payment coming immediately. The going rate on such annuities is 4.30%. How much would it cost him to buy the annuity today?

a. $992,724.71

b. $1,035,411.87

c. $1,067,724.71

d. $1,023,705.38

e. $1,001,709.59