Payments ofXare made at the beginning of each year for twenty years. These payments earn interest at the end of each year at an annual effective rate of 8%. The interest is immediately reinvested at an annual effective rate of 6%.

At the end of twenty years, the accumulated value of the twenty payments and the reinvested interest is 5,600. CalculateX.

Payments of X are made at the beginning of each year for twenty years. These payments earn interest at the end of each year at an annua effective rate of 8%. The interest is immediately reinvested at an annual effective rate of 6%. At the end of twenty years, the accumulated value of the twenty payments and the reinvested interest is 5,600. Calculate X. Possible Answers A 121.67 a 123.56 c 145.72