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An annuity-immediate has 20 semi-annual payments starting at 5 and increasing by 10 every six months. The annual effective rate of interest is 7%. Calculate

An annuity-immediate has 20 semi-annual payments starting at 5 and increasing by 10 every six months.

The annual effective rate of interest is 7%.

Calculate the present value of this annuity.

- I do not want the Excel solution.

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