Forcasting

Your uncle is about to retire, and he wants to buy an annuity that will provide him with $5,300 of income a year for 30 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?

Round your answer to two decimal places. For example, if your answer is $345.667 round as 345.67 and if your answer is .05718 or 5.718% round as 5.72.

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A. $85,028.03

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C. $96,698.54

D. $95,031.33

E. $70,856.69

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