An investor is told that the following cash flow profile has a present value of $$13,500$ assuming

that the money received at each time period is placed into an account where it earns $16\%$ annually.

For what value of X will this be true?

Year Cash Flow

$1$ $$1,400$

$2$ $$1,500$

$3$ X

$4$ X

$5$ $$2,700$

$6$ $$1,500$

$7$ $$700$