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An annuity makes semi-annual payments for 10 years. The first year the payments are 100 and each subsequent year the payments are 2% higher than

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An annuity makes semi-annual payments for 10 years. The first year the payments are 100 and each subsequent year the payments are 2% higher than the previous year. The annual effective interest rate is 6. Calculate the present value of the annuity. (A) $ 1240 (B) $1235 (C) $ 1265 (D) $ 1280 (E) $ 1287

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