ack became $22$ years old and graduated from college today. He would like to contribute X into a retirement

account at the end of each year with the first payment occurring on his $23$rd birthday and the last payment occurring

on his $64$th birthday. The account will pay an annual effective interest rate of $4\%.$ When Jack becomes $65$ years old

he would like to purchase a $5\%$ annuity that will pay $50,000$ annually for $20$ years, with the first payment occurring

on his $65$th birthday. Calculate X$.$