He will receive 2 at the end of the first month 4 at the, Financial Management

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He will receive 2 at the end of the first month 4 at the

Isaac bought a 5-year increasing annuity for X. He will receive 2 at the end of the first month, 4 at the end of the second month, and for each month thereafter the payment increases by 2.

The nominal interest rate is 9% convertible quarterly. Calculate X.

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