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3.8.3 Consider an annuity-immediate with monthly payments for twenty years. The payments are level in the course of each year, then increase by 2% for

3.8.3 Consider an annuity-immediate with monthly payments for twenty years. The payments are level in the course of each year, then increase by 2% for the next year. Find the present value of this annuity if the initial payment is $1,000 and i = 4%.

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