Question: You are given 1 0 - year annuity - immediate with annual payments in geometric Progression. The first payment is 1 , with each subsequent

You are given 10-year annuity-immediate with annual payments in geometric Progression. The first payment is 1, with each subsequent payment 7% greater than the previous years payment. The annual effective interest rate is 13%. Calculate the present value of this annuity.

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