Question: Using his inheritance, John immediately bought a 1 0 - year annuity - due with annual payments of 2 5 0 0 each. Jeff put

Using his inheritance, John immediately bought a 10-year annuity-due with annual payments of 2500 each.
Jeff put his inheritance in an investment fund earning an annual effective interest rate of 9%. Two years later, Jeff bought a 15-year
annuity-immediate with annual payment of Z.
The present value of both annuities were determined using an annual effective interest rate of 8%.
Calculate Z.

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