On January 1, an insurance company has 100,000 which is due to Linden as a life insurance death beneÖt. He chooses to receive the beneÖt annually over a period of 15 years with the Örst payment immediately. The beneÖt he receives is based on an annual e§ective interest rate of 4%. The insurance company earns interest at an annual e§ective rate of 5%. Every July 1, the company pays 100 in expenses and taxes to maintain the policy. At the end of nine years, the company has X remaining. Calculate X.