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Tom has a 10-year increasing annuity-immediate that pays $100 for the first year and increases by $100 each year thereafter. Jerry has a 10-year decreasing
Tom has a 10-year increasing annuity-immediate that pays $100 for the first year and increases by $100 each year thereafter. Jerry has a 10-year decreasing annuity-immediate that pays X the first year and decreases by (X/10) each year thereafter. Each has an annual interest rate of 6.5%, and they have the same present value. Find X
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