A company invests $50,000 now and receives the following income over the next 12 years: During the first 4-year period: $4,000 per annum paid quarterly in arrears. During the second 4-year period: SX per annum paid half-yearly in arrears. During the final 4-year period: $12,000 per annum paid continuously. There are no other payments under the investment. Calculate X assuming the company achieves a nominal rate of return of 9% per annum convertible monthly. [11]