3. Jake makes 120 end-of-month deposits into a fund earning interest at a nominal interest rate of 3.6% convertible monthly. For each of the 10 years, the January deposits are 500, the February deposits are 1000, the March deposits are 1500, the April deposits are 2000, the May deposits are 2500, the June deposits are 3000, the July deposits are 3500, the August deposits are 4000, the September deposits are 4500, the October deposits are 5000, the November deposits are 5500, and the December deposits are 6000. Just after the final deposit, Jake clears out the fund and uses his savings to purchase a perpetuity immediate having semi-annual payments of X, X+500, X+1000, X+1500, X+2000, X+2500,.... The price of the perpetuity is based on a nominal rate of interest of 7% convertible semi-annually. Find X.