The proceeds of a 10,000 death benefit are left on deposit with an insurance company for five years at an annual effecti

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The Proceeds Of A 10 000 Death Benefit Are Left On Deposit With An Insurance Company For Five Years At An Annual Effecti 1 (117.97 KiB) Viewed 56 times

The proceeds of a 10,000 death benefit are left on deposit with an insurance company for five years at an annual effective interest rate of 4%. The balance at the end of five years is paid to the beneficiary in 120 equal monthly payments of X, with the first payment made immediately. During the payout period, interest is credited at a nominal rate of 3% per annum compounded semiannually. Calculate X.