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The following deposits are made into a fund at the beginning of each year: The fund earns an annual effective interest rate of 1 3

The following deposits are made into a fund at the beginning of each year:

The fund earns an annual effective interest rate of

13 % .

At the end of the tenth year, the fund is used to purchase a perpetuity

-

immediate with semiannual payments of

x .

The perpetuity

earns an annual effective interest rate of

12 % .

Calculate

x .

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