A life insurer owes $550,000 in 8 years. To fund this outflow the insurer wishes to buy strips that mature in 8 years. The strips have a $5,000 face value per strip and pay a 6% APR with semiannual compounding. How much must the insurer spend now to fully fund the outflow?
A) $110,000
B) $342,742
C) $355,224
D) 362,355
E) $370,890