Find accumulated value of this annuity at end of fifty years

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Reference no: EM131063178

Serena receives a fifty-year annuity-due that has payments that start at $1,000 and increase by 3% per year through the twenty-fourth payment, then stay level at $2,000. Find the accumulated value of this annuity at the end of fifty years if the annual effective rate of interest remains 4.5% throughout the time of the annuity.

Reference no: EM131063178

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