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12. Consider a sequence of payments made annually in advance over a period of ten years. Suppose that each of the payments in the first year is of amount M100, each of the payments in the second year is of amount M200, each of the payments in the third year is of amount M300 and so on until the tenth year in which each monthly payment is amount M1,000. Calculate the present value of these payments assuming an interest rate of 8% pa effective