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An annuity immediate pays 10 at the ends of years 1 and 2; 9 at the ends of years 3 and 4; etc., with payments
An annuity immediate pays 10 at the ends of years 1 and 2; 9 at the ends of years 3 and 4; etc., with payments decreasing by 1 every second year, until nothing is paid. The effective annual rate of interest is 5%. Calculate the present value of this annuity immediate
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