At time t=0, an individual purchases a 10-year annuity immediate with an initial payment of 175, andsubsequent payments increasing by 25 per period.

At time t=0, an individual purchases a 10-year annuity immediate with an initial payment of 175, andsubsequent payments increasing by 25 per period. Immediately after the 5th payment is received, theremaining payments are exchanged for an annuity due of equal value. The first payment of the new annuityis X, received immediately, with subsequent payments increasing by 30 annually. The last payment will bereceived at time t=10. The effective rate of interest is 7.55%.

Calculate X.

Plz include steps as well

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