x=3

A man is 43 years old now and he is planning to retire in 12 years. He can deposit money for his retirement at 8% compounded quarterly. He estimates that an amount of ($25,000 + V} per year in terms of today's dollars (dollars at his age of 43 years), will be required to support his retirement income for five years. The retirement incomes are estimated to increase at an annual rate of 6%. Determine the equal quarterly deposits that he must make until his retirement. Assume that the first deposit will be made at the end of the first quarter and that deposits will continue until he reaches at an age of 55. He will receive the first payment (first withdrawal) at an age of 56, and the retirement payment will be paid at the beginning of each retirement year. Note that is the last digit of your University ID and its in 1000. For example, if student ID is 3. the value of V is $3000