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A 1 0 - year increasing perpetuity with annual payments has a present value of 8 6 0 at an annual effective discount rate, d

A 10-year increasing perpetuity with annual payments has a present value of 860 at an annual effective discount rate, d. The initial payment at the end of the first year is 3 and each subsequent payment is 2 more than its preceding payments. Calculate d.

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