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A 10-year annuity immediate has a first payment of X. The payment increases by 100 each year for 5 times and stays level afterwards. Under

A 10-year annuity immediate has a first payment of X. The payment increases by 100 each year for 5 times and stays level afterwards. Under an effective annual rate of 6.5%, the present value of this annuity is 3733.2264.

Calculate X

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