John has just won a lottery of $1 million and deposited the total amount in a bank account that provides an annual nominal interest rate of 12% compounded monthly

John has just won a lottery of $1 million and deposited the total amount in a bank account that provides an annual nominal interest rate of 12% compounded monthly. He wishes to consistently withdraw the money at the end of every month for the next 10 years. John also wants the monthly withdrawal to increase by 0.5% every month to cope with the 4 of 8 inflation in spending. What is the amount of John's first withdrawal (i.e. at the end of first month)

(A) $11,142.43 (B) $14,347.09 (C) $11,032.10 (D) $12,000.01 (E) $14,748.68