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A thirty-year annuity-immediate is payable monthly with an annual effective interest rate of 6%. The annuity pays $1,500 at the end of each month for

A thirty-year annuity-immediate is payable monthly with an annual effective interest rate of 6%. The annuity pays $1,500 at the end of each month for the first year, and the monthly payment increases each year by $120 per year. What is the present value (at time t = 0) of the annuity?

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