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A 10-year annuity has annual payments of $1,000. The first payment is in 1 year. If...

A 10-year annuity has annual payments of $1,000. The first payment is in 1 year. If interest is 5%p.a (effective annual rate) for the first 3 years followed by 6%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. $13,134.03

b. $13,001.45

c. $12,002.34

d. $13,969.78

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