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A property can be purchased in cash or through an equivalent plan, over 20 years, consisting of equal monthly payments (before monetary correction), at the
A property can be purchased in cash or through an equivalent plan, over 20 years, consisting of equal monthly payments (before monetary correction), at the effective rate of 8.60% per year. Monetary correction is made monthly, using the reference rate (TR). Throughout this period, the monthly average TR was 0.60%. Knowing that the twentieth installment was $2170 (after monetary correction), obtain the cash value of the property.
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