Question: Olive buys a 5-year increasing annuity for X. Olive will receive 10 at the end of the first month, 20 at the end of the

Olive buys a 5-year increasing annuity for X. Olive will receive 10 at the end of the first month, 20 at the end of the second month, and for each month thereafter the payment increases by 10. The nominal interest rate is 9% convertible quarterly. Calculate X.

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