100 individuals at age 25 each contribute an amount X to a fund that will accumulate with interest for the next 40 years. When the survivors reach age 65, the fund will be divided equally among the survivors and each survivor will then purchase a life annuity with their portion of the fund. The annuity will pay $100 at the beginning of each year for the rest of each survivor's life. The rst payment to each annuitant will be made immediately after the single premium payment at age 65. You are given the following information: Determine X, each individual's initial deposit at age 25. Possible Answers