An investor undertakes a 12-year project in which he invests 50,000 at the outset and receives the following income: During the first four-year period: 4,000 per annum paid quarterly in arrears. During the second four-year period: X per annum paid half-yearly in arrears. During the final four-year period: 12,000 per annum paid continuously. There are no other payments under the investment. If the investor achieves an internal rate of return of 9% per annum convertible half-yearly, find the value of X. An investor undertakes a 12-year project in which he invests 50,000 at the outset and receives the following income: During the first four-year period: 4,000 per annum paid quarterly in arrears. During the second four-year period: X per annum paid half-yearly in arrears. During the final four-year period: 12,000 per annum paid continuously. There are no other payments under the investment. If the investor achieves an internal rate of return of 9% per annum convertible half-yearly, find the value of X