Your insurance agent is trying to sell you an annuity that costs $50,000 today. By buying this annuity, your agent promises that you will receive payments of $250 a month for the next 20 years. What is the rate of return on this investment?
A) 2.47 percent
B) 3.75 percent
C) 1.88 percent
D) 3.67 percent
E) 2.45 percent