Karen makes a sequence of annual deposits into an account, Financial Management

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Karen makes a sequence of annual deposits into an account

Karen makes a sequence of annual deposits into an account paying an effective rate of interest of 5.5 percent. The first deposit of 1300 dollars comes one year from now, and each subsequent deposit is 170 dollars larger than the last. If she will make 19 such deposits, what is their present value now?

Answer = dollars. (3 decimal place)

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Financial Management: Karen makes a sequence of annual deposits into an account

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