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Graham receives $670,000 at his retirement. He invests X in a twenty-year annuity-immediate with annual payments and the remaining $670,000 X is used to purchase
Graham receives $670,000 at his retirement. He invests X in a twenty-year annuity-immediate with annual payments and the remaining $670,000 X is used to purchase a perpetuity-immediate with annual payments. During the first twenty years, his total annual payments received from the two investments are twice as large as those received thereafter. The annual effective interest rate is 7%. Find X. (Round your answer to the nearest cent.)
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