Question: John buys a 5-year increasing annuity for Y. he will receive 3 at the end of the first month, 6 at the end of the

John buys a 5-year increasing annuity for Y. he will receive 3 at the end of the first month, 6 at the end of the second month, and for the month thereafter the payment increase by 3. The nominal interest rate is 9% convertible quarterly. Find y

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