Smith can purchase one of the following two annuities a perpetuity-immediate with monthly payments. The first payment is 700 and each subsequent payment is 0.25%=0.0025 more than the previous one. a 22 year annuity-immediate with quarterly level payments of X each. At an annual nominal interest rate (12) 0.09 the two annuities have the same present value. Determine X. Keep at least 6 decimal places in your calculation, and keep 4 decimal places in your