Eric, aged 40, purchases a deferred life annuity which will provide monthly payments of 300 at the beginning of each month commencing at age 60. Eric pays a premium at the beginning of each year for the next 20 years. His first premium is 4000, and the remainder are each equal to X. Find X if 1)40 = 500, A^4o = 8600, Deo = 120, andA^60 = 1000.