Bailey owns two annuities that will each pay $500 per month for the next 12 years. One payment is received at the beginning of each month while the other is received at the end of each month. At a discount rate of 7.25 percent, compounded monthly, what is the difference in the present values of these two annuities?
A. $265.42
B. $289.98
C. $299.01
D. $312.50
E. $308.00
