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A 20-year annuity-immediate pays quarterly payments. The first payment of 100 is paid one quarter...

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Accounting

A 20-year annuity-immediate pays quarterly payments. The first payment of 100 is paid one quarter from now. Quarterly payments are constant during each calendar year, and the payments are increased by 5% each calendar year. At a nominal annual interest rate of 8% convertible quarterly, calculate the accumulated value of the annuity at the time of the final payment

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