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A perpetuity with annual payments is payable beginning 1 0 years from now. The first payment is 5 0 . Each annual payment thereafter is

A perpetuity with annual payments is payable beginning 10 years from now. The first payment is 50. Each annual payment thereafter is increased by 10 until a payment of 150 is reached. Subsequent payments remain level at 150. This perpetuity is purchased by means of 10 annual premiums, with the first
premium of $P$ due immediately. Each premium after the first is 105% of the preceding one. The annual effective interest rates are 5% during the first 9 years and 3% thereafter. Calculate
P
.

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