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An annuity immediate pays 15 at the end of years 1 and 2, 14 at the end of years 3 and 4 and so on.

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An annuity immediate pays 15 at the end of years 1 and 2, 14 at the end of years 3 and 4 and so on. The payments decrease by 1 every second year until nothing is paid. The effective annual interest rate is 6%. Calculate the present value of this annuity

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