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Kuroko receives a ten-year increasing, annuity-immedate paying $2,500 the first year and increasing by $500 each year thereafter. Kagami receives an eight-year decreasing annuity-due paying
Kuroko receives a ten-year increasing, annuity-immedate paying $2,500 the first year and increasing by $500 each year thereafter. Kagami receives an eight-year decreasing annuity-due paying X for the first year and decreasing X/8 each year thereafter. At an annual effective rate of 4%, both annuities have the same present value. Calculate X.
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