Anastasia is saving for retirement in 30 year. She will do so by depositing X into an account earning 5% effective interest at the end of each month (with first payment one month from now). In thirty years, Anastasia will use the accumulated value of her savings by withdrawing $80,000 at beginning of each year. She expects to need 20 such retirement payments.

In what range is X?

		Less than $1,300
		At least $1,300 but less than $1,400
		At least $1,400 but less than $1,500
		At least $1,500 but less than $1,600
		At least $1,600