Question: Solution: $45561.82 Problem 28.3 An annuity pays $100 at the end of each month in the first year, $200 at the end of each month

Solution: $45561.82

Problem 28.3 An annuity pays $100 at the end of each month in the first year, $200 at the end of each month in the second year, and continues to increase until it pays 1000 at the end of cach month during the 10th year. Calculate the present value of the annuity at an annual effective interest rate of 6%

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