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Consider a geometrically increasing annuity immediate. It's initial payment is $1000, and every following annual payment is 1.03 times the payment before it. The annual

Consider a geometrically increasing annuity immediate. It's initial payment is $1000, and every following annual payment is 1.03 times the payment before it. The annual effective rate is 0.04 over a 10 year term. Find its present value.

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