Question: Please show all work 4. [20pts] A 20 -year annuity pays $300 at the end of each year. The effective annual interest rate is 5%

Please show all work 4. [20pts] A 20 -year annuity pays

Please show all work

4. [20pts] A 20 -year annuity pays $300 at the end of each year. The effective annual interest rate is 5% in the first six years, 6% in the next six years, and 7% in the final eight years. Find the accumulated value of this annuity at the end of 20 years

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