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Investing in an asset X yields a $1,200 annuity for 15 years. If an investor expects the rate of return to be 6 percent in

Investing in an asset X yields a $1,200 annuity for 15 years. If an investor expects the rate of return to be 6 percent in the first 5 years, 8 percent from Year 6 to 10, and 10 percent thereafter, what is the fair price the investor should pay for asset X today?

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