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5. How much should be invested today at an annual effective interest rate of 5% to provide for a 9-year annuity with a first payment

5. How much should be invested today at an annual effective interest rate of 5% to provide for a 9-year annuity with a first payment of $930 in 3 years (at 1 = 3) and subsequent annual payments are indexed to reflect an inflation rate of 2%

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