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An annuity - immediate has quarterly payments of 2 0 for 1 0 years. This is followed by a perpetuity of quarterly payments of 2

An annuity

-

immediate has quarterly payments of

20

for

10

years.

This is followed by a perpetuity of quarterly payments of

25

starting in the

11

th year.

Find the present value of this annuity at an intereste rate of

4 %

convertible quarterly.

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