The annual effective interest rate is 6%. Determine X.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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Betty Jo will make deposits of 500 into a fund at the end of each month for five years. At the end of ten years, she will use the fund to make annual withdrawals of X at the beginning of each year for five years, after which the fund will be exhausted. The annual effective interest rate is 6%. Determine X. 

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