On January 1, 2013, Jack deposited $1000 into Bank X to earn interest at the rate of j per annum compounded semiannually. On January 1, 2018, he transferred his account to Bank Y to earn interest at the rate of k per annum compounded quarterly. On January 1, 2021, the balance at Bank Y was $1990.76. If Jack could have earned interest at the rate of k per annum compounded quarterly from January 1, 2013, through January 1, 2021, his balance would have been $2203.76. Which of the following represents the ratio k/j? Source: Society of Actuaries.
(a) 1.25 

(b) 1.30 

(c) 1.35 

(d) 1.40 

(e) 1.45