Find an expression for the value of this annuity

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Reference no: EM13927737

A twenty year annuity pays 2400 + 300k on the first day of the k-th month of the year. Thus it pays 2700 on January, 3000 on February 1...6000 each December 1. The first payment is on a January 1. Find an expression for the value of this annuity just before the first payment and evaluate it if the annual effective interest rate is 5%.

Reference no: EM13927737

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