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On his 3 0 th birthday ( t = 3 0 ) , Julio begins saving his money for retirement. He puts 1 0 0

On his 30th birthday (t=30), Julio begins saving his money for retirement. He puts
1000 into an account earning 2% interest. He gets a raise most years, so will add 100 to
each subsequent payment (when t=31, the payment is 1100,t=32, payment equals
. He makes his last deposit on his 65th birthday. He immediately purchases a
25-year annuity immediate, with a first payment of x and each additional payment
increasing by 2%. The price of the annuity was calculated using i=0.02. Calculate
X.[5384.22]
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