Every January 1st and July 1st payments are made to an annuity for 30 years. Suppose the annual interest rate is 8%. The two payments in each year are the same. The payments in the first year are each $4,000. The payments in each subsequent year increase by 2% from the payments in the previous year. 

Find the value of this annuity at the time of the first payment. 

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This scenario involves an annuity with increasing payments made semiannually with an 8 annual intere... View the full answer