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A 10-year annuity-immediate pays 100 quarterly for the first year. In each subsequent year, each payments is increased by 5% over the payment for the

A 10-year annuity-immediate pays 100 quarterly for the first year. In each subsequent year, each payments is increased by 5% over the payment for the previous year. There is a nominal annual interest of 8% convertible quarterly. Find the present value of this annuity

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