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You are given an annuity-immediate paying 8 for 6 years and then decreasing by 1 per year for 7 years and paying 1 per year

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You are given an annuity-immediate paying 8 for 6 years and then decreasing by 1 per year for 7 years and paying 1 per year thereafter, forever. The annual effective rate of interest is 5%. Calculate the present value of this annuity. [4.h-i #36] 61 O 65 63 69 067

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