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Find the present value at time 2 years of payments of $400 at time 8 years, 9 years and so on, with the last payment
Find the present value at time 2 years of payments of $400 at time 8 years, 9 years and so on, with the last payment at time 15 years. Given the annual effective interest rate is 9% per annum.
The answer given is 1439 but I don't know how to do it.
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