The Following Figure Shows a Graph That Compares the Present

Multiple Choice

The following figure shows a graph that compares the present values of two ordinary annuities of $800 quarterly as functions of the number of quarters. One annuity is at an annual rate of 6% compounded quarterly, and the other is at 9% compounded quarterly. What present value is required to purchase an annuity of $800 a quarter for 25 years with an interest rate of 9% compounded quarterly? Check your answer against the graph. Round your answer to the nearest cent. ​ ​

A) $31,713.39
B) $40,440.73
C) $27,577.08
D) $39,107.20
E) $52,000.00