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An annuity provides for sixteen annual payments. The first of these payments is $100 and each subsequent payment is 10% higher than the one preceding

An annuity provides for sixteen annual payments. The first of these payments is $100 and each subsequent payment is 10% higher than the one preceding it. Find the present value of this annuity one year prior to the first payment if i = 10%.

A $1165

B $1298

C $1364

D $1455

E $1600

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