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A perpetuity-immediate pays 100 per year. Immediately after the fifth payment, the perpetuity is exchanged for a 10-year annuity-immediate that will pay X at the

A perpetuity-immediate pays 100 per year. Immediately after the fifth payment, the perpetuity is exchanged for a 10-year annuity-immediate that will pay X at the end of the first year. Each subsequent annual payment will be 10% greater than the preceding payment.

The annual effective rate of interest is 5%.

Calculate X.

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