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Jake buys a special type of quarterly payment annuity on January 1, 2020. The initial payment of the annuity will incur on April 1, 2022
Jake buys a special type of quarterly payment annuity on January 1, 2020. The initial payment of the annuity will incur on April 1, 2022 in the amount of $1,000. The subsequent quarterly payments will increase by $1,000. On January 1, 2028, the quarterly payment will reach to $24,000. Then the subsequent 11 payments will decrease by $2,000 for each quarter. In other words, the last payment will be $2,000 on October 1, 2030. An annual effective interest of 6% is applied on this annuity. Calculate the present value of this annuity
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