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Alvin receives a series of annual payments that start at $1,000 and decrease by $100 each year down to $100, then increase again by $100
Alvin receives a series of annual payments that start at $1,000 and decrease by $100 each year down to $100, then increase again by $100 each year back up to $1,000 and then the payments stop. Assume that payments begin immediately (now) and that the annual effective interest rate is 9%. Determine the present value of this series of payments.
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