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Steve deposits $250 into an account at the beginning of every month for 15 years. The interest rate on the account is 8% convertible semiannually.
Steve deposits $250 into an account at the beginning of every month for 15 years. The interest rate on the account is 8% convertible semiannually. The accumulated value in the account nine months after the last deposit is used to fund a perpetuity immediate paying X every two years (the first payment is 33 months after the last deposit). The perpetuity earns the same interest rate as the account. Find X. Steve deposits $250 into an account at the beginning of every month for 15 years. The interest rate on the account is 8% convertible semiannually. The accumulated value in the account nine months after the last deposit is used to fund a perpetuity immediate paying X every two years (the first payment is 33 months after the last deposit). The perpetuity earns the same interest rate as the account. Find X
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