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From a lawsuit, you have been awarded a 31-payment, constant growth annuity. The first payment is at Year 0 and is equal to $340, and
From a lawsuit, you have been awarded a 31-payment, constant growth annuity. The first payment is at Year 0 and is equal to $340, and each subsequent payment will be paid in 16 month intervals, with the final payment at Year 40 . Further, payments will grow at a constant growth rate of 4 percent (payment 2 will be $3401.04=$353.60, etc.). The appropriate discount/compounding rate for this constant growth annuity is a nominal annual rate of 3.0 percent, with monthly compounding. Given this information, determine the value, at Year 40, of this constant growth annuity. Enter your answer in dollars, rounded to the nearest whole dollar, with no punctuation. For example, if you answer is $15,222.54, enter "15223
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