Olga buys a 5-year increasing annuity for X. Olga 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.
This is from the Study Manual for Exam FM/Exam 2 Eleventh Edition Section 4h and 4i number 2. This whole section has been very confusing for me and I don't quite understand the reasoning. The provided answer is x=2730. If anyone could help me out I would really appreciate it!