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Scott deposits 1 at the beginning of each quarter in year 1, 2 at the beginning of each quarter in year 2, 8 at the

Scott deposits 1 at the beginning of each quarter in year 1, 2 at the beginning of each quarter in year 2, 8 at the beginning of each quarter in year 8. One quarter after the last deposit Scott withdraws the accumulated value of the fund and uses it to buy a perpetuity immediate with level payments of X at the end of each year. All calculations assume a nominal interest rate of 10% per annum compounded quarterly. Calculate X Answer: 20.43

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