A man turns 40 today and wishes to provide supplemental retirement income of $600 at the beginning of each month starting on his 65th birthday until the end of his life. Starting today, he makes monthly contributions of X to a fund for 25 years. The fund earns a nominal rate of 8% twice a year. Each $1000 in the fund will provide for $9.65 of income at the beginning of each month starting on his 65th birthday until the end of his life. Calculate X.

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To calculate X we need to determine how much money the man needs to accumulate in the fund by the ti... View the full answer