The interest rate is an annual effective rate

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Gloria borrows 100,000 to be repaid over 30 years. Her first payment is X at the end of year 1. Her payments increase at the rate of 100 per year for the next 19 years and remain level for the following 10 years. The interest rate is an annual effective rate of 5.0%. Calculate X. Set up with annuities.

Reference no: EM131544392

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