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A 7-year annuity has annual payments of $2,500. The first payment is at the end of year 1. If interest is 5 percent per annum
A 7-year annuity has annual payments of $2,500. The first payment is at the end of year 1. If interest is 5 percent per annum (effective annual rate) for 2 years followed by 6 percent per annum (effective annual rate) for 5 years, what is the future value of this annuity at the end of 7 years?
Please don't answer using excel.
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