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Billy receives a 10-year increasing annuity immediate paying $110 the first year and increasing by $110 each year thereafter. Nora receives a 10-year annuity immediate
Billy receives a 10-year increasing annuity immediate paying $110 the first year and increasing by $110 each year thereafter. Nora receives a 10-year annuity immediate paying X the first year and decreasing by X/10 each year thereafter. At an effective annual interest rate of 8%, both annuities have the same present value. Calculate X.
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