You invest R12 000 annually (at the end of each year) for 5 successive years in a savings account at 7% per annum (interest is compounded annually). At the end of the fifth year you withdraw R9 008.87 and the balance is invested at 10% per annum for 5 years. What will be the end value of the investment? (Round off to the nearest two decimals)

(a) R53 885.40

(b) R133 674.86

(c) R111 139.47

(d) R96 630.60

(e) None of the above