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You are given 1 0 - year annuity - immediate with annual payments in geometric Progression. The first payment is 1 , with each subsequent

You are given

10 -

year annuity

-

immediate with annual payments in geometric Progression. The first payment is

1,

with each subsequent payment

7 %

greater than the previous year

s payment. The annual effective interest rate is

13 % .

Calculate the present value of this annuity.

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