Tyler and Eunice just got married. As a wedding present Eunice$’$s father purchased an annuity that will give them payments every other year starting one year from today$\mathrm{ (}$at times $1,3,5,...,19).$ The effective annual rate is $4\%.$ The first payment is for$\mathrm{ 3}000$ and increases by $100$ each payment. How much did Eunice$’$s father pay for this annuity? 

 

 

  

 

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To determine the cost of the annuity that Eunices father purchased as a weddin... View the full answer