Question: PLEASE EXPLAIN AND SHOW ALL WORK, DO NOT JUST COPY AND PASTE FROM OTHER POSTS. I want to understand how to solve this problem. Jeanne

PLEASE EXPLAIN AND SHOW ALL WORK, DO NOT JUST COPY AND PASTE FROM OTHER POSTS. I want to understand how to solve this problem.

Jeanne has won a lottery that pays $1000 per month in the first year, $1100 per month in the second year, $1200 per month in the third year, etc. Payments are made at the end of each month for 10 years. Using the annual effective rate of 3%, calculate the present value of this prize.

Ans. $147,928.85

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