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An annuity is payable annually in advance for a term of 2 0 years. The payment is 5 0 0 in year 1 , Exam
An annuity is payable annually in advance for a term of years. The payment is in year Exam style
in year and so on increasing by each year.
Calculate the present value of this annuity, assuming that the effective rate of interest is pa
for the first twelve years and pa thereafter.
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