4. Payments of X are made at the beginning of each year for 15 years. These payments earn interest at the end of each year at an annual effective rate of 8%. The interest is immediately reinvested at an annual effective rate of 5%. At the end of 15 years, the accumulated value of the 15 payments and the reinvested interest is 4000. Calculate X. A. 147 B. 152 C. 157 D. 162 E. 167