A perpetuity-immediate pays 100 per year. Immediately after the fifth payment, the perpetuity is exchanged for a 25-year annuity- immediate that will pay X at the end of the first year. Each subsequent annual payment will be 5% greater than the preceding payment. The annual effective rate of interest is 5%. Calculate X.

A) 94

B)64

C)54

D)74

E)84

HINT: 54 is not the answer