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Don purchases a 20 -year annuity-immediate evaluated at an annual effective rate of 5.5%. The first payment will be made at the end of year

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Don purchases a 20 -year annuity-immediate evaluated at an annual effective rate of 5.5%. The first payment will be made at the end of year six in the amount of 2,000 . The subsequent payments increase by 100 each year. Calculate the present value of the annuity at purchasing

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