Your uncle is about to retire, and he wants to buy an annuity that will provide him with $80,000 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? $955,507.24 $1,202,089.76 $1,027,427.14 $1,243,186.84 $1,058,249.96