A special 20-year annuity pays $1,000 per month for the first year and in each subsequent year
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Question:
A special 20-year annuity pays $1,000 per month for the first year and in each subsequent year the monthly payments are increased by 3% more than what was made for that month in the previous year. If i = 0.05, what is the present value of this annuity?
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