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An investment requires an initial payment of 1 0 , 0 0 0 and annual payments of 1 , 0 0 0 at the end
An investment requires an initial payment of and annual payments of
at the end of each of the first years. Starting at the end of the eleventh year, the
investment returns five equal annual payments of X
Determine X to yield an annual effective rate of over the year period.
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