Question: Write out all steps. No excel. Question 8.28 The present value of a 5 -year annuity is X. The annuity pays 600 at the end

Write out all steps. No excel.

Question 8.28 The present value of a 5 -year annuity is X. The annuity pays 600 at the end of the first month, 590 at the end of the second month, and for each month thereafter the payment decreases by 10 . The annual nominal interest rate is 3% compounded monthly. Calculate X. A 16,402.37 B 16,834.05 C 16,845.29 D 17,390.57 E 17,402.37

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