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4. A perpetuity paying $100 on the last day of each year was purchased on January 1, 2000. On January 1, 2005, the perpetuity was

4. A perpetuity paying $100 on the last day of each year was purchased on January 1, 2000. On January 1, 2005, the perpetuity was exchanged for a 15-year annuity-due with semiannual payments of amount X. Find X if the interest rate is 6% convertible monthly. (Answer: $80.67)
Math Interest Theory / Financial Math

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