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(a) Assume that the rate of interest is 6% per annum, compounded quarterly. Find the present value of a regular payment of $20,400 per annum

(a) Assume that the rate of interest is 6% per annum, compounded quarterly. Find the present value of a regular payment of $20,400 per annum payable for 4 years if the payment is made quarterly in arrears.

(b) Find the present value of the same regular payment of $20,400 per annum payable for 4 years if payment is made continuously through the year.

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