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Consider an annuity-immediate with monthly payments for twenty years. The payments are level in the course of each year, then increase by 2% for the

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Consider an annuity-immediate with monthly payments for twenty years. The payments are level in the course of each year, then increase by 2% for the next year. Find the present value of this annuity if the initial payment is $1,300 and i = 3%. (Round your answer to the nearest cent.) $

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