Question: Tom buys a 5-year increasing annuity for X. He will receive 6 at the end of the first month, 8 at the end of

Tom buys a 5-year increasing annuity for X. He will receive 6

Tom buys a 5-year increasing annuity for X. He will receive 6 at the end of the first month, 8 at the end of the second month, and for each month thereafter the payment increases by 2. The nominal interest rate is 8% convertible semiannually. Calculate X.

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