4. The following three instruments have the same present value as of time 0: A 10 year annuity immediate that pays 100 at the end of each quarter. The nominal interest rate is 6.4% compounded semi-annually (twice per year). A 6 year annuity immediate that pays X at the end of each year. The nominal interest rate is 6.4% compounded monthly. . A perpetuity that pays X at the end of every third year (i.e. at times 3, 6, 9, 12...). The annual effective rate is j%. Calculate j.(20 points)