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6. (10 points) Anthony makes semi-annual deposits into a fund earning interest at a nominal interest rate of 8% convertible semi-annually. The first of
6. (10 points) Anthony makes semi-annual deposits into a fund earning interest at a nominal interest rate of 8% convertible semi-annually. The first of these deposits occurs on January 1 of 1980 followed by July 1 1980, January 1 1981, July 1 1981, etc. and continuing until 20 deposits have been made. So the last of these deposits is on July 1 1989. The fund is first opened on January 1 1980. The amount of each of the first two deposits is 10.X. Each year, the deposit amount decreases by X. So for example the next two are 9X on January 1 1981 and 9X on July 1 1981, then 8X on January 1 1982 and 8X July 1 1982 and so on. The accumulated amount in the fund as of December 31 1989 is 1,000,000. Find X.
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