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5. A disability insurance is obligated to pay the medical costs for a claimant. Annual claim costs today are 1500 and are expected to be

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5. A disability insurance is obligated to pay the medical costs for a claimant. Annual claim costs today are 1500 and are expected to be increased by 6.5% per year. The claimant will receive 10 payments. Claim payments are made at yearly intervals, with the first claim payment to be made one year from today. Calculate the present value of the obligation using an annual effective interest rate of 6%

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