Betty received a 1,000 life insurance policy to be distributed to her as an annuity in 15 equal annual installments, with the first payment made immediately. On the day she receives her 11th payment, she is offered 48 monthly payments of X in lieu of future annual payments. The first payment will be made in exactly one month. The effective annual rate of interest is 5%. Determine the value X. O A. 7.5 O B.7.9 O C. 8.4 O D.9.1 O E. 9.6