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A 5 - year annuity pays 2 5 at the end of each quarter during the 1 st year, 2 0 at the end of
A year annuity pays at the end of each quarter during the st year, at the end of each quarter during the year, at the end of each quarter during the rd year, at the end of each quarter during the th year, and finally at the end of each quarter during the th year.
The nominal annual interest rate compounded quarterly is
Calculate the present value of the annuityimmediate.
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