Question: 9. Two annuities have equal present values. The first is an annuity-immediate with quarterly payments of $X for 10 years. The second is an

9. Two annuities have equal present values. The first is an annuity-immediate

9. 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. The first payment is $500 and subsequent payments increase by $50 per year. You may assume an annual effective interest rate of 5%. Determine X. A. Less than $170 B. At least $170, but less than $175 C. At least $175, but less than $180 D. At least $180, but less than $185 E. At least $185

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