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How much is the first annual payment you receive

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Suppose you invest $220,000 in an annuity that returns 11 annual payments, with the first payment one year from now and each subsequent payment growing by 7%. At an interest rate of 10%, how much is the first annual payment you receive?

Suppose you invest $220,000 in an annuity that returns 11 annual payments, with the first payment one year from now and each subsequent payment growing by 7%. At an interest rate of 10%, how much is the first annual payment you receive?

Reference no: EM133003943

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