20. On January 1, an insurance company has 105,000 which is due to Linden as a life insurance death benefit. He chooses to receive the benefit annually over a period of 16 years, with the first payment immediately. The benefit he receives is based on an effective interest rate of 5.5% per annum. The insurance company earns interest at an effective rate of 6% per annum. Every July 1, the company pays 180 in expenses and taxes to maintain the policy. At the end of 7 years, the company has X remaining. Calculate X