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makes a series of payments at the beginning of each year for 20 years. The first payment is 1000. Each subsequent payment through the tenth year...

K.J. makes a series of payments at the beginning of each year for 20 years. The first payment is 1000. Each subsequent payment through the tenth year increases by 4% from the previous payment. After the tenth payment, each payment decreases by 4% from the previous payment. Calculate the present value of these payments at the time the first payment is made using an annual effective rate of 5%

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