Question: ( 1 ) Find the present value ( one period before the first payment ) of an annuity - immediate that lasts five years and

(1) Find the present value (one period before the first payment) of an
annuity-immediate that lasts five years and pays $3,000 at the end of
each month, using a nominal interest rate of 3% convertible monthly.
Then repeat the problem using an annual effective discount rate of 3%.
Which is higher? Why?
(1) Find the present value (one period before the first payment)

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