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Jill has an investment opportunity that will make three annual payments, the first coming 10 years from now. The payments will increase by 600 dollars

Jill has an investment opportunity that will make three annual payments, the first coming 10 years from now. The payments will increase by 600 dollars from one payment to the next. If the nominal rate is 7.8 percent convertible quarterly and the present value of the investment now is 17600 dollars, how large is the first payment?

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