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6. Amy turns 40 today and wishes to provide supplemental retirement income of $5,000 at the beginning of each month starting on her 65th birthday.
6. Amy turns 40 today and wishes to provide supplemental retirement income of $5,000 at the beginning of each month starting on her 65th birthday. Starting today, she makes monthly contribution X to a fund for 25 years. The fund earns a nominal rate of 8% compounded monthly. On her 65th birthday, each $1,000 of the fund will provide $9.75 of income at the beginning of each month starting immediately and continuing as long as she survives, Find X (10 marks
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