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1. (10 points) Let the effective annual interest rate be 3% for the first 10 years, and 4% thereafter. Find the present value of the

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1. (10 points) Let the effective annual interest rate be 3% for the first 10 years, and 4% thereafter. Find the present value of the following annuity: 20 19 17 16 18 amount: 1 time (in years) 1 2 3 4 5 20 Hint: (Da)mi n-ani

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