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Annuity payments are made quarterly for 10 years at a rate of 2,000 per quarter. The first payment is made 3 months from now. The
Annuity payments are made quarterly for 10 years at a rate of 2,000 per quarter. The first payment is made 3 months from now. The quarterly benefit increases by 2% each year. The annual effective interest rate is 7%, calculate the present value of the annuity payment.
Can you show this using the annuity formula, not Excel, please?
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