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An annuity immediate (payments at t = 1, 2, . . . , n) has annual payments of $1,000 and a present value of $11,689.59.

An annuity immediate (payments at t = 1, 2, . . . , n) has annual payments of $1,000

and a present value of $11,689.59. The interest rate is 5%. Calculate n.

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