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Consider a discrete annual payment annuity. The initial annual payment is 10 (at time 1) and grows with the annual rate of 5%. The annual

Consider a discrete annual payment annuity. The initial annual payment is 10 (at time 1) and grows with the annual rate of 5%. The annual interest rate is 10% and the maturity is infinite. Calculate the present value of the annuity at time 0.

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