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You are due to receive an indexed retirement payment of $12,000 per year starting one year from today to a total of 15 years. These
You are due to receive an indexed retirement payment of $12,000 per year starting one year from today to a total of 15 years. These payments will grow every year by 3% after the payment one year from today. what is this growing annuity worth to you today, if the interest rate is 7%?
a) $130,596?
b) $74,626?
c) $109,295?
d) $231,275?
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