Question: Do not use excel, I would like to understand the process of how this works 4. Payments of size X are made at the beginning

Do not use excel, I would like to understand the process of how this works

4. Payments of size X are made at the beginning of each year for 20 years. These payments earn interest at an annual effective rate of 8%. At the end of each year, the interest is withdrawn and immediately reinvested at an annual effective rate of 6%. At the end of 20 years, the accumulated value of the 20 payments of size X and the reinvested interest is $5600. Find X

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