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Question 11 (1 point) A special payment scheme is set up to put in $tK at time t starting at time 1. Payments are made

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Question 11 (1 point) A special payment scheme is set up to put in $tK at time t starting at time 1. Payments are made at the end of each year for 20 years and earn 6% annual effective interest. The present value at time 0 of payments under this scheme is $39,480.15. Calculate K a) 475 Ob) 400 Oc) 425 Od) 450 Oe) 500

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