Question: Jaleel deposits $ 1 , 0 0 0 into Derivative Savings and Loan 5 - year savings special. The savings special guarantees a 5 .

Jaleel deposits $1,000 into Derivative Savings and Loan 5-year "savings special." The savings special guarantees a 5.25% continuously compounded rate for the first two years, then will credit at a nominal annual rate of 4.50% compounded semi-annually for the next two years, and then at a nominal rate of X compounded monthly for the last year. At the end of the5-year period, Jaleel has $1,289.11. Compute X.

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