17 2 points A person deposits $3000 at the beginning of each quarter into a retirement account for 25 years (100 deposits). The retirement account earns a nominal annual rate of interest compounded quarterly of 7(4) = 7%. At the end of the 25th year (one quarter after the last deposit), the proceeds of the retirement account are used to purchase a 18-year annuity with payments of size $X at the end of each month (i.e. the first payment will be received one month after the purchase of the annuity). The annuity earns a nominal annual rate of interest compounded monthly of i(12) = 6%. Determine the amount, Xof each monthly payment. Enter your answer to the nearest dollar. (Partial credit may be awarded for this problem.) Type your answer... Previous Next