Find the Present Value of a Decreasing Annuity Necessary to Fund

Multiple Choice

Find the present value of a decreasing annuity necessary to fund withdrawals of $2,500 per quarter for 20 years, if the annuity earns 4% per year. (Assume end-of-period deposits and compounding at the same intervals as deposits) . Round your answer to the nearest cent.

A) $P V = \$ 137,220.52$
B) $P V = \$ 175,298.95$
C) $P V = \$ 75,500.91$
D) $P V = \$ 45,113.88$
E) $P V = \$ 75,501.91$