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A deferred annuity is purchased with annual payments for twenty-five years. The first payment of 500 starts at the end of the tenth year and

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A deferred annuity is purchased with annual payments for twenty-five years. The first payment of 500 starts at the end of the tenth year and subsequent payments increase 3% per year. Find the purchase price of the annuity if the effective annual interest rate is 7%. 3, 648 3, 903 4, 176 5, 187 5, 713

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