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8. A person age 40 wishes to accumulate a fund for retirement by depositing an amount X at the end of each year in to

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8. A person age 40 wishes to accumulate a fund for retirement by depositing an amount X at the end of each year in to an account paying interest at an annual effective rate of 4%. At age 65, the person will use the entire account balance to purchase a 15 year annuity immediate with level payments of 10,000. The price of the annuity is calculated based on an annual effective interest rate of 5%. Find X

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