Ralph buys a perpetuity-due paying 100 annually. He deposits the payments into a savings account earning interest at an annual effective rate of 4. 5 years later, before receiving the fifth payment, Ralph sells the perpetuity based on an effective annual interest rate of 4%. Using the proceeds from the sale plus the money in the savings account, Ralph purchases an annuity-due paying X per year for 20 years at an effective annual rate of 4%. Calculate X. (A) $ 280 (B) 285 (C) $ 220 (D) $ 212 (F) $ 216