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What is the present value of 5 annual investments starting at $20,000 and growing 3% each year after the 1st year, when the interest rate

What is the present value of 5 annual investments starting at $20,000 and growing 3% each year after the 1st year, when the interest rate is 3%?

a) $97,087 b) $97,807 c) $97,708 d) $100,000

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