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A five year annuity immediate has monthly payments. The first year's payments are 5 x . For each subsequent year, the monthly payment is reduced

A five year annuity immediate has monthly payments. The first year's payments are 5x. For each subsequent year, the monthly payment is reduced by x. The present value is based on a nominal interest rate of 2.4% convertible monthly, and the present value is 600,000. Find x.
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