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Your friend offers to pay you an annuity of $5,500 at the end of each month for 3 years in return for cash today. You
Your friend offers to pay you an annuity of $5,500 at the end of each month for 3 years in return for cash today. You could earn 2.5% on your money in other investments with equal risk. What is the most you should pay for the annuity assuming monthly compounding?
(please solve using microsoft excel)
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