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Cheryl receives a sixty-year annuity-due. The annual payments are $2,000 during the first twenty years and $6,000 during the next forty years. David receives
Cheryl receives a sixty-year annuity-due. The annual payments are $2,000 during the first twenty years and $6,000 during the next forty years. David receives a perpetuity-immediate with annual payments. The odd numbered payments are P and the even numbered payments are 2P. The present values of Cheryl's annuity and David's perpetuity are equal if they are calculated using i = 3%. Find P. (Round your answer to the nearest cent.) P = $ 2821.65
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