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Ex: What is the PV of an annuity that has a 5% annual rate and payments of $1000 are made monthly? a PVA = PMT

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Ex: What is the PV of an annuity that has a 5% annual rate and payments of $1000 are made monthly? a PVA = PMT [1- (1+r)^../r] Ex: Sam decides to save by depositing $1000 into an account per year for 5 years, if the effective annual rate on the account is 2%. Determine the balance after 5 years

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