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2. At an annual effective interest rate of 5%, an annuity immediate with 4N level annual payments of 1000 has a present value of 14,898.13.

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2. At an annual effective interest rate of 5%, an annuity immediate with 4N level annual payments of 1000 has a present value of 14,898.13. Determine the fraction of the total present value represented by the first set of N payments and the third set of N payments combined. A. 0.579 B. 0.585 C. 0.614 D. 0.643 E. 0.672

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