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A 5-year annuity-immediate will pay 5 in each quarter of the first year, 4 in each of the quarter for the 2nd year, etc., until

A 5-year annuity-immediate will pay 5 in each quarter of the first year, 4 in each of the quarter for the 2nd year, etc., until payments of 1 are made in each of the last 4 quarters. The present value of the annuity payments at an annual effective rate of 5.3% is X. Determine X

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