Question: Use both interest conversion approach and algebraic approach to nd the present value of a ten-year annuity which pays 400 at the beginning of each

Use both interest conversion approach and algebraic approach to nd the present value of a ten-year annuity which pays 400 at the beginning of each quarter for the rst 5 years, increasing to 600 per quarter thereafter. The annual eective rate of interest is 12%. Answer to the nearest pound.

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