Find the value of the series of payments at time

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Reference no: EM131822497

Payments are made into an account at the beginning of each quarter for 15 years. The first payment is $2500. Beginning with the second payment, the payments start to decrease. For the second payment and all future payments, the payment is 1% smaller than the previous payment. At a nominal annual rate of 12.08%, compounded quarterly, find the value of the series of payments at time t=15 years (60^th quarter).

Reference no: EM131822497

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