Andrew turns 40 today and wishes to provide supplemental retirement income of 4500 at the beginning of each month starting on his 65th birthday.

Starting today, he makes monthly contributions of X to a fund for 25 years ( 2512 total payments). The fund earns an annual nominal interest rate of 8% compounded monthly.

On his 65th birthday, each 1000 of the fund will be enough to provide 9 of income at the beginning of each month starting immediately and continuing as long as he survives.