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Business, 30.10.2021 23:40 lizzepacheco

The proceeds of a 10,000 death benefit are left on deposit with an insurance company for seven years at an annual effective interest rate of 5%. The balance at the end of seven years is paid to the beneficiary in 120 equal monthly payments of X X, with the first payment made immediately. During the payout period, interest is credited at an annual effective interest rate of 3%. Calculate X X.

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