5. (10 points) An investor deposits 225 into a bank at the beginning of each month for 20 years. The bank pays interest at an annual effective rate of 8%. At the end of 20 years, the investor uses the money in the bank to buy a 30-year annuity-due with annual payments of X. These annual payments are based on an annual effective interest rate of 7%. Calculate X.

5. (10 points) An investor deposits 225 into a bank at the beginning of each month for 20 years. The bank pays interest at an annual effective rate of 8%. At the end of 20 years, the investor uses the money in the bank to buy a 30 -year annuity-due with annual payments of X. These annual payments are based on an annul effective interest rate of 7%. Calculate X