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Gandalfs bank account pays him an annual nominal interest rate of 5.4% convertible monthly. On Jan 1, 2015, his account balance was X. He then

Gandalf’s bank account pays him an annual nominal interest rate of 5.4% convertible monthly. On Jan 1, 2015, his account balance was X. He then deposited $1000 at the end of every quarter. On Aug 1, 2020, his account balance was 1.7X. Find X.

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