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Show me the steps to solve Assume you are to receive a 2 0 - year annuity with annual payments of $ 5 0 .

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Assume you are to receive a 20-year annuity with annual payments of $50. The first
payment will be received at the end of Year 1, and the last payment will be received at
the end Year 20. You will invest each payment in an account that pays 10 percent. What
will be the value in your account at the end of Year 40?
a. $19,265.88
b. $21,427.69
c. $27,922.33
d. $29,591.00
e. None of the above

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