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A 10 year annuity due pays 1,000 as the first payment. Each subsequent payment is 50 less than the prior payment. Calculate the current value

A 10 year annuity due pays 1,000 as the first payment. Each subsequent payment is 50 less than the prior payment. Calculate the current value of the annuity at the end of 5 years using an annual effective rate of 8%.

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ANSWER 8,586.96 from book

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