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For an ordinary annuity with five annual payments of $100 and a 10% interest rate, how many years will the first payment earn interest? What
For an ordinary annuity with five annual payments of $100 and a 10% interest rate, how many years will the first payment earn interest? What will this payment's value be at the end? (I understand the formula portion but I do not understand how we come to the answer of 4 years for the first question. I need a break down of that please).
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