Question 278:: [html] A 10-year annuity has annual payments of $4,000. The first payment is in 1 year. If interest is 6%p.a (effective annual rate) for the first 3 years, followed by 7%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. $55,064.75

b. $55,249.37

c. $50,741.19

d. $53,633.63