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1) Annie makes deposits of X at the end of each month into an account earning a nominal monthly interest rate i (12) = .09.
1) Annie makes deposits of X at the end of each month into an account earning a nominal monthly interest rate i (12) = .09. She starts these deposits on June 31, 2005 and the last deposit is on May 30, 2015. On May 30, 2015, the accumulated value is used to purchase an annuity immediate with monthly payments of $600 at a nominal monthly interest rate of i (12) = .06. Payments start on June 31, 2015 and end on May 30, 2020. Find X
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