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an annuity. You buy a perpetuity- You and your friend spend X dollars to p immediate, which makes annual payments of 30. Your friend buys

an annuity. You buy a perpetuity- You and your friend spend X dollars to p immediate, which makes annual payments of 30. Your friend buys a 10-year annuity-immediate, also with annual payments. The first payment is 53, with each subsequent payment k% larger than the previous year's payment. Both annuities use an annual effective interest rate of k%. Calculate k%

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