Bianca wants to buy a 2-year annuity-immediate that, Financial Management

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Bianca wants to buy a 2-year annuity-immediate that

Bianca wants to buy a 2-year annuity-immediate that provides monthly payments.

For the first year, the payments are level at $2000 per month. For the second year, monthly payments start at $2500 and increase by $500 per month. If the annual effective rate of interest is 3%, how much should Bianca pay for this annuity?

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Financial Management: Bianca wants to buy a 2-year annuity-immediate that

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