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An annuity immediate provides 15 payments of $600 every month. After that the payments increase by $40 each month for an additional 20 months. After that, the payments decrease by $10 every month until payments reach $0. If the nominal annuity rate of interest is 12% compounded monthly, what is the present value of this annuity? Draw a timeline and explain how you got your answer.

Reference no: EM13267738

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