You have a chance to buy an annuity that pays $11,000 at the beginning of each year for 5 years. You could earn 4.5% on your money in other investments with equal risk. What is the most you should pay for the annuity?
a. $59,546.08
b. $55,509.06
c. $41,884.11
d. $50,462.78
e. $63,078.48