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An annuity provides level annual payments of $1,000 at the end of each year for four years. Term structure of interest rates as of 1/1/2017:

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An annuity provides level annual payments of $1,000 at the end of each year for four years. Term structure of interest rates as of 1/1/2017: Length of Investment Spot Rate 1 year 4.00% 2 years 5.00% 3 years 5.75% 4 years 6.25% X is the present value of the payments as of January 1, 2017. Compute X

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