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- An annuity immediate pays 1 at the ends of years 1 and 2, 2 at the ends of years 3 and 4, etc., with

- An annuity immediate pays 1 at the ends of years 1 and 2, 2 at the ends of years 3 and 4, etc., with payments increasing by 1 every second year until 20 years. The effective annual rate of interest is 5%. Calculate the present value of this annuity immediate

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