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Hazal has been making a series of payments at the beginning of each year for 20 years. The first payment is 100 TL. For 10
Hazal has been making a series of payments at the beginning of each year for 20 years. The first payment is 100 TL. For 10 years, payments increase by 5% compared to the previous year. After the 10th payment, each payment decreases by 5% compared to the previous one. Since the annual effective interest rate is 7%, calculate the present value of this series of payments.
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