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An annuity provides payments at the end of each two-year period for twenty years. It pays $1,000 at the end of the first period and
An annuity provides payments at the end of each two-year period for twenty years. It pays $1,000 at the end of the first period and increases the payment by $1,000 in each subsequent period, so that at the end of the tenth period it pays $10,000.
Given a 2% nominal annual interest rate compounded semiannually, in which of the following ranges is the present value of this annuity?
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