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5. The spot rate of interest is defined by st = 0.1 (0.8) for t = 1, 2, 3, 4, 5. Find the present value
5. The spot rate of interest is defined by st = 0.1 (0.8) for t = 1, 2, 3, 4, 5. Find the present value of a 5-year annuity-due in which the first payment is equal to $1000, and each subsequent payment increases by 6% of the immediately preceding payment
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