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Mr. Sloan wishes to purchase an annuity that will provide 15 annual payments. The first payment of $200 will be paid one year from today.

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Mr. Sloan wishes to purchase an annuity that will provide 15 annual payments. The first payment of $200 will be paid one year from today. Payments increase such that each paym interest is 7.12%, what is the price of the annuity? ent is 3% greater than the preceding payment. Given the effective annual rate of

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