Two annuities have equal present values. The first is an annuity-immediate with quarterly payments of $X for 10 years. The second is an increasing annuity-immediate with 10 annual payments, where the first payment is $500 and subsequent payments increase by $50 per year. Find X if the annual effective interest rate is 6%. Find X. Include an equation of value in your work and show the interest rates to evaluate the annuities in you EOV.