Consider a financial transaction defined by the following cash flow streams: OF: {(300, 15/01/01), (300, 15/01/04), (600, 15/01/06)} IF: {(400, 15/01/02), (500, 15/01/05), (X, 15/01/09)} Money is worth at the compound annual interest rate of 12%.

Find:

1. The amount X.
2. The outstanding balance at time t = 15/01/04 before the payment, by using both the retrospective and prospective methods.
3. The outstanding balance at t' = 15/01/05 after the payment, by using the recursive method.