Today is January 1st, 2012, and you are 50 years old. Every year, you decide to allocate EUR 4,000 at the end of every year during 15 years in a bank account with 2.5% annual (compound) interest rate. The future value at your retirement will be employed to receive an annual constant payment during the following 20 years. What is the annuity you will receive, considering that the annual interest rate is still 2.5%?

a. Between EUR 4,870 and EUR 4,890.

b. Between EUR 4,590 and EUR 4,610.

c. Between EUR 4,720 and EUR 4,740.

d. None of the above.

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