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487 A series of five constant-dollar (or real-dollar) payments, beginning with $6,000 at the end of the first year is increasing at the rate of 5% per year. Assume that the average general inflation rate is 4% and the market interest rate is 11% dur- ing this inflationary period. What is the equivalent present worth of the series? (a) $24.259 (b) $25,892 (c) $27,211 (a) $29,406 Obar