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A man receives payments half-yearly in arrears for 7.5 years. The first payment is 250 and subsequent payments increase at a rate of 5%pa. Calculate

A man receives payments half-yearly in arrears for 7.5 years. The first payment is 250 and subsequent payments increase at a rate of 5%pa. Calculate the present value of the annuity at an interest rate of 6%pa convertible quarterly.

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