Question: Can someone answer this round to two decimal place 11. At the start of the year you decide to provide yourself with a retirement account.

Can someone answer this round to two decimal place  Can someone answer this round to two decimal place 11. At

11. At the start of the year you decide to provide yourself with a retirement account. You begin by depositing 100 into the account at the end of each month, and each year you increase this amount by 10%. Thus, for the first year, you make 12 deposits of size 100, for the second year you make 12 deposits of size 110, for the third year you make 12 deposits of size 121, and so on Suppose that you make these deposits for 35 years, upon which time you retire. After retirement, you will make an annual withdrawal from the account at the start of each year for the next 30 years, eventually exhausting all of the money in the account. Each withdrawal will be of equal size X If the account gains interest at an annual nominal interest rate of 8% compounded monthly, and we assume that after 65 years, the account has a balance of zero, then find X. Round your answer to two decimal places

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