An eighteen year old receives an annuity on her birthday, Finance Basics

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An eighteen year old receives an annuity on her birthday

Question: An eighteen year old receives an annuity on her birthday from her great uncle's estate paying 1,000 on her nineteenth birthday and subsequent payments that increase by $500 per year until age thirty-five. Find the value of the annuity on her eighteenth birthday assuming an interest rate of 8% compounded monthly.

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Finance Basics: An eighteen year old receives an annuity on her birthday

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