Nicole, a UNSW Business part-time student, expects an increasing amount of income as she advances through her program but will need to borrow to cover her university costs. Accordingly, she plans to borrow a decreasing annual amount from a student credit loan during her 5 years at university and to repay the loan with increasing amounts for 15 years after graduation. She borrows amounts 5X, 4X, 3X, 2X, and X at the beginning of each of 5 years, where the last payment is paid at the beginning of her final year. At the end of the first year after graduation, she pays $500, then increases the amount by $200 each year until the final payment of $3300. If the effective annual interest rate assumed is 5%, determine X.