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Daniel has deposited $80 at the end of each month for 7 years. For the first 5 years the deposits earned 6% p.a. compounded monthly.

Daniel has deposited $80 at the end of each month for 7 years. For the first 5 years the deposits earned 6% p.a. compounded monthly. After 5 years he earned 4.5% p.a. compounded monthly. Determine the value of the annuity after a) 7 years, b) 10 years.

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