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A perpetuity-immediate pays 20 for 10 years, decreases by 1 per year for 19 years, and then pays 1 per year thereafter. At an annual

A perpetuity-immediate pays 20 for 10 years, decreases by 1 per year for 19 years, and then pays 1 per year thereafter. At an annual effective interest rate of 6%, the present value is equal to X. Calculate X. (A) 208 (B) 213 (C) 218 (D) 223 (E) 228

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