Your uncle is about to retire, and he wants to buy an annuity that will provide him with $82,000 of income a year for 20 years, with the first payment coming immediately. The going rate on such annuities is 5.05%. How much would it cost him to buy the annuity today?

a. $1,046,723.22

b. $1,068,970.67

c. $1,099,582.74

d. $1,036,812.69

e. $1,017,582.74