At a nominal rate of annual interest of 12 convertible, Financial Management

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At a nominal rate of annual interest of 12 convertible

An annuity immediate pays $500 per month for the first three years. After that the annuity payments increase by $50 per month for five years and then remain level for an additional six years. At a nominal rate of annual interest of 12% convertible monthly what is the present value of this annuity?

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Financial Management: At a nominal rate of annual interest of 12 convertible

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Financial Management: At a nominal rate of annual interest of 12 convertible

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