7. An investment has a cost of $2000. The investment will have a payout of X at the end of the first year. This initial payout X will grow at the rate of 10% per year for the next 3 years, then by 6% per year for the next 2 years, and then at the rate of 4% per year for the following 1 year. You believe the riskiness of this investment is 9%.

a. Calculate the smallest X that would entice you to invest.