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Alice buys a 15 year decreasing annuity immediate at an effective yearly interest rate of 6%. Bob buys a 15 year level payment annuity at

Alice buys a 15 year decreasing annuity immediate at an effective yearly interest rate of 6%. Bob buys a 15 year level payment annuity at the same interest rate and price as Alice. What is the difference between the present values of the fourth payment they receive?

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