A series of annual deposits begin one year from now with a


A series of annual deposits begin one year from now with a deposit of $400 and then each new deposit (starting at year 2) in increased by $65 for 13 years. (ending at year 14).

Calculate the present value of those deposits. Interest rate is 3%.

State the present value below to the closest dollar. Please show work.

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Financial Management: A series of annual deposits begin one year from now with a
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