What is the value of X

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Problem - A payment of $X is to be paid once per year in perpetuity, with the first payment made exactly 3.25 years from now.

In order for the present value of this perpetuity to be equal to $783.25 at an interest rate of i^(3) = 6.6%, what is the value of X? Give your answer to the nearest cent. Show all working.

Reference no: EM132957048

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