You are negotiating to make a 8-year loan of $75,000 to Titan Inc. To repay you, Titan will pay $12,500 at the end of Year 1, $12,500 at the end of Year 2, and $25,000 at the end of Year 3, plus a fixed but currently unspecified cash flow, X, at the end of each year from Year 4 through Year 8. Titan is essentially riskless, so you are confident the payments will be made. You regard 8% as an appropriate rate of return on a low risk but illiquid 8-year loan like the one you are negotiating. What cash flow must the investment provide at the end of each of the final 5 years, that is, what is X?

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