Question: show work 3) Michael invests an amount $1,000 into a fund at the beginning of each year for 10 years. At the end of year

show work 3) Michael invests an amount $1,000 into a fundshow work

3) Michael invests an amount $1,000 into a fund at the beginning of each year for 10 years. At the end of year 10, he uses the fund to buy a perpetuity that pays K at the end of each year with the first payment at the end of year 11. Calculate K, if the effective annual interest rate for all transactions is 5%

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