Daniel is due to retire in 23 years, at which time he will start collecting pension benefits. His employer is scheduled to begin funding Daniels pension benefits with 23 end-of-year annual payments starting at the end of year 1. The first payment is 2,200 and will increase by 3% each year. These contributions earn an annual effective interest rate of 7%. Alternatively, Daniels employer can fund his pension benefit with end-of-year annual payments starting at the end of year 7. The initial payment is 1,100 and will increase by $X each year. The alternative plan earns an annual effective interest rate of 8%. Calculate X such that two pension funding plans have exactly the same accumulated value at the end of 23 years.