Peter buys a 2-year long increasing annuity with monthly payments for the price of X. Bob will receive 3 at the end of the first month, 5 at the end of the second month, and for each month thereafter the payment increases by 2 (the last payment at the end of 24th month is 49). The yearly effective interest rate is 5%. Calculate X.

Hint: First step would be to convert i to a monthly interest rate.