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Megan purchases a perpetuity-immediate for 4750 with annual payments of 120. At the same price and interest rate, Chris purchases an annuity-immediate with 22 annual

Megan purchases a perpetuity-immediate for 4750 with annual payments of 120.

At the same price and interest rate, Chris purchases an annuity-immediate with 22 annual payments that begin at amount P and increase by 14 (growth) each year thereafter.

Calculate P.

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Essentials of Business Law

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