Annuity-immediate makes monthly payments

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A forty-year annuity-immediate makes monthly payments. During the first year the monthly payments are $100 each. The payments within each year are level; however, the monthly payments in each of the years two through forty are 4% higher than those in the preceding year. Assuming an effective monthly interest rate of 1% calculate the present value of this annuity

Reference no: EM13854545

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