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15 October, 02:57

Madison has an annuity that pays $9003 at the beginning of each year. If the economy grows at a rate of 3.4% each year, what is the value of the annuity if she received it in a lump sum now rather than over a period of 9 years?

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  1. 15 October, 03:01
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    Your equation would look like this:

    y=9003 (1.034) ^9

    y=$12,164 about
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