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An annuity has the following series of payments: i. $1,000 per year for the first 4 years payable continuously ii. $1,000 starting at the end
An annuity has the following series of payments: i. $1,000 per year for the first 4 years payable continuously ii. $1,000 starting at the end of the 5th year, increasing by X per year at the end of years 6 through 11 iii. $3,000 per year at the beginning of years 13 through 15 . The nominal rate of interest is 10% compounded twice per year. The accumulated value of the payments at the en of the 15 th year is $50,000. Determine X. A Less than $295 B At least $295, but less than $305 C At least $305, but less than $315 D At least $315, but less than $325 At least $325
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