An annuity product promises to pay $5000 at the end of the first year, and then the

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An annuity product promises to pay $5000 at the end of the first year, and then the payment goes up by 4% each year for the next 10 years.

How much is this product worth today, assuming a 10% discount rate?

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Cambridge International AS & A Level Mathematics Pure Mathematics 2 & 3 Coursebook

ISBN: 9781108407199

1st Edition

Authors: Sue Pemberton, Julianne Hughes, Julian Gilbey

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Posted Date: Mar 21, 2023 03:24 AM

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An annuity product promises to pay $5000 at the end of the first year, and then the

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Cambridge International AS & A Level Mathematics Pure Mathematics 2 & 3 Coursebook

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