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The following payments are made under an annuity: 12 at the end of the 44th year, 11 at the end of the 55th year, decreasing

The following payments are made under an annuity: 12 at the end of the 44th year, 11 at the end of the 55th year, decreasing by 11 each year until nothing is paid. Find the present value if the annual effective rate of interest is 3%.

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