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John purchased an annuity-immediate of $10,000 and he will receive annual payments of $X for...

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Finance

John purchased an annuity-immediate of $10,000 and he will receive annual payments of $X for the next 10 years at an annual effective interest rate of 5%. After receiving the annual payment, John immediately reinvested the $X into another saving account at an annual effective interest rate of 3%. How much money will John have in the saving account after he deposits the last payment? (A) 11098 (B) 12955 (C) 13156 (D) 14846

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