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1. [10 marks] You are given an annuity immediate with 11 annual payments of $100 and a final payment of $X at the end of

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1. [10 marks] You are given an annuity immediate with 11 annual payments of $100 and a final payment of $X at the end of 12 years. At an annual effective interest rate (1) = 3.5%, the present value at time 0 of all payments is $1,000. Determine X

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