Two annuities have the same present value

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Two annuities have the same present value. The first annuity is a decreasing annual annuity. The first payment is $ 2470, due one year from today. Subsequent annual payments decrease by $ 130 per year. The interest rate is 8 % compounded annually. The second annuity provides payments of $ K per month for 19 years. The first payment is due one month from today. What is K?

Reference no: EM131890477

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