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John Dough has a thirty year annuity which has end-of-month payments. The first year the payments are each $240. In subsequent years each payment increases

John Dough has a thirty year annuity which has end-of-month payments. The first year the payments are each $240. In subsequent years each payment increases by $10 over what it was the previous year.

a) The effective monthly interest rate, j = (Round your answer to 8 decimal places)

b) Present value of the annuity = $ if the annual effective interest rate is i=4%.

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