Payments are made into an account at the beginning of each, Financial Management

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Payments are made into an account at the beginning of each

Payments are made into an account at the beginning of each quarter for 15 years. The first payment is $2500. Beginning with the second payment, the payments start to decrease. For the second payment and all future payments, the payment is 1% smaller than the previous payment. At a nominal annual rate of 12.08%, compounded quarterly, find the value of the series of payments at time t=15 years (60^th quarter).

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Financial Management: Payments are made into an account at the beginning of each

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Financial Management: Payments are made into an account at the beginning of each

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