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A 10-year annuity has annual payments of $4,000. The first payment is in 1 year. If interest is 5%p.a (effective annual rate) for the first

A 10-year annuity has annual payments of $4,000. The first payment is in 1 year. If interest is 5%p.a (effective annual rate) for the first 3 years followed by 6%p.a (effective annual rate) for 7 years, what is the future value of this annuity at the end of 10 years?

Select one:

a. $51,798.61

b. $52,001.36

c. $52,536.13

d. $52,100.97

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