Question: Find the present value ( one period before the first payment ) of an annuity - immediate that lasts five years and pays $ 3

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?

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