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Calculate the purchase price

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Problem 1: John buys a 20 year annuity-immediate with quarterly payments: (i) year 1 payments are 1 per quarter, (ii) year 2 payments are 2 per quarter, (iii) year 3 payments are 3 per quarter, (iv) and so on. Calculate the purchase price if the effective annual interest rate is 4%.

A. 508

B. 513

C. 518

D. 523

E. 528

Reference no: EM132791463

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