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Discount rate of 6 % nominal / year , 1 2 monthly payments of $ 1 0 0 . Payments are received at the BEGINNING

Discount rate of

6 %

nominal

/

year

, 12

monthly payments of $

100 .

Payments are received at the BEGINNING of the month, not the end like we usually do

.

What's the present value of those

12

payments?

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