An employee is planning to retire in 30 years. To plan for this retirement, he deposits $10 000 at the end of each year into a savings plan. The balance is then converted into a fund from which end-of-year withdrawals of $50 000 are made. If money is worth 3.99% compounded annually, for how long will he receive payments?

a.12 years

b.16 years

c.15 years

d.13 years