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You are given an annuity-immediate paying 8 for 8 years, then decreasing by one per year for seven years and paying five per year thereafter,
You are given an annuity-immediate paying 8 for 8 years, then decreasing by one per year for seven years and paying five per year thereafter, forever. The annual effective rate of interest is 6%.
Calculate the present value of this annuity.
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