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Find the present value of this benefit

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Question - A retirement benefit has monthly payments for 25 years starting one month after retirement. For the first year, the amount of each monthly payment is 1800. For each subsequent year, the monthly payments are 2% more than the monthly payments from the previous year. Using an annual nominal interest rate of 6%, compounded quarterly, find the present value of this benefit.

Reference no: EM132756629

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