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A 39-year annuity-immediate will pay 13 in each of the first 3 years, 12 in each of the next 3 years, and so on, until

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A 39-year annuity-immediate will pay 13 in each of the first 3 years, 12 in each of the next 3 years, and so on, until payments of 1 are made in each of the last 3 years. The present value of the annuity at an annual effective interest rate of 3% is X. Determine X. (a) 59 (b) 165 (c) 177 (d) 184 (e) 187

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