For bonds, assume coupons paid semi-annually, coupon rates and yields quoted with semi-annual compounding, and redeemable at par unless otherwise noted

- A fund earning 4% effective is being accumulated with payments of X at the beginning of each year for 21 years. Find X such that the fund manager can make payouts of $50,000 at the end of each of the last four years, leaving no balance left in the fund after the last payout is made at the end of year 21.