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A 20-year annuity-due with annual payments where the first payments is $400 and increase by 5% per year for five years, then stay level thereafter.

A 20-year annuity-due with annual payments where the first payments is $400 and increase by 5% per year for five years, then stay level thereafter. Find the accumulated value at the end of 20 years if the annual effective rate is 6%. (Answer: $23,482.72)

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