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Annuity Due. For the use of some equipment, Zipster Inc. obtains a loan where payments will be due at the beginning of each period starting

Annuity Due. For the use of some equipment, Zipster Inc. obtains a loan where payments will be

due at the beginning of each period starting in time 0. If Zipster pays $3,000 a month for 5 years

and the bank requires an interest rate of 4.5% annually, what is the present value of the loan?

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