You Start an Annuity with $1million and Expect to Receive

Multiple Choice

You start an annuity with $1million and expect to receive 12 equal payments beginning at the end of the first year.The guaranteed annual interest rate is 6 percent.The annual payments that you expect to collect are

A) $88,333.33.
B) $119,277.03.
C) $59,638.51.
D) $56,262.75.
E) $112,525.50.