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Jerry will make a deposit of 400 dollars on April 1, 2021, and make deposits of 400 dollars each every 3 years thereafter. The last
Jerry will make a deposit of 400 dollars on April 1, 2021, and make deposits of 400 dollars each every 3 years thereafter. The last deposit will be made on April 1, 2051. The account credits interest at the annual effective rate of 2.5%. (a) Calculate the present value of the entire cash flow as of April 1, 2021. (7) (b) Calculate the accumulated value of the account as of April 1, 2053. (3)
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