Chuck needs to purchase an item in 10 years the item costs

Reference no: EM13572769

Chuck needs to purchase an item in 10 years. The item costs 200 today, but its price inflates at 4% per year. To finance the purchase, Chuck deposits 20 into an account at the beginning of each year for 6 years. He deposits an additional X at the beginning of years 4, 5, and 6 to meet his goal. The annual effective interest rate is 10%. Calculate X.

Reference no: EM13572769

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