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21. You are given an annuity-immediate paying 11 for 12 years and then decreasing by 1 per year for 10 years and paying 1 per

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21. You are given an annuity-immediate paying 11 for 12 years and then decreasing by 1 per year for 10 years and paying 1 per year thereafter, forever. The annual effective rate of interest is 9%. Calculate the present value of this annuity. (Hint: Arrange the cash flow into familiar annuity cash flows, then combine them ]

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