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please explain by steps, dont use MS excel. thank you 7. Ray deposits 1,000 at the end of each year for 20 years into a
please explain by steps, dont use MS excel. thank you
7. Ray deposits 1,000 at the end of each year for 20 years into a fund that earns an annual effective interest rate of 4%. After 30 years (i.e. at time 30), Ray takes the accumulated value of the fund and purchases a perpetuity immediate. The perpetuity pays 200 for the first 10 years and P thereafter. The interest rate on the perpetuity is 6% annual effective. Determine P Step by Step Solution
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