Explain how you would modify the present value of an annuity shortcut formula to accommodate an equal
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Explain how you would modify the present value of an annuity shortcut formula to accommodate an equal payment stream that begins immediately. How would you change the present value of an annuity shortcut formula for an annuity that starts in year 5? How would you answer this question if the payment stream was a growing perpetuity? (40 marks)
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