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A 12-year annuity immediate has a first payment of X. The payment increases by 150 each year for 5 times and stays level afterwards. Under

A 12-year annuity immediate has a first payment of X. The payment increases by 150 each year for 5 times and stays level afterwards. Under an effective annual rate of 4.5%, the present value of this annuity is 8000.

Calculate X.

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