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Annual payments are made at the end of each year, forever. Payments at time n are defined as for the first n years. After n

Annual payments are made at the end of each year, forever. Payments at time n are defined as for the first n years. After n years, the payment remains at . Present value of this payment at time 0 is 15 when the annual effective interest rate is 0% for the first n years and 35% thereafter. Count n.

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