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(1 point) A 20 -year annuity-immediate makes monthly payments. The first monthly payment is 60 , and the payments increase by 0.5% each month. Find

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(1 point) A 20 -year annuity-immediate makes monthly payments. The first monthly payment is 60 , and the payments increase by 0.5% each month. Find the present value of this annuity at an annual effective interest rate of 7.4%. (Hint: Start by finding the appropriate effective interest rate.) Answer =

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