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Suppose an annuity, A1, that pays C at the end of each year until year T , has a discount rate of 5% and a
Suppose an annuity, A1, that pays C at the end of each year until year T, has a discount rate of 5% and a present value of $100,000. A second annuity, A2, has the same annual payment C, and discount rate of 5%, but instead has its first payment today and its final payment at the end of year T-1. What is the present value of the second annuity, A2
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