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A financial institution advertises, Pay $1500 at the beginning of each year for 15 years and we will pay you $1500 a year thereafter. The

A financial institution advertises, Pay $1500 at the beginning of each year for 15 years and we will pay you $1500 a year thereafter. The interest rate is 5% APR compounded annually.

What is the value at time 15 for the cash flows that you pay?

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