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(1 point) (Exercise 4.33) A series of payments is made at the beginning of each year...

(1 point) (Exercise 4.33) A series of payments is made at the beginning of each year for 22 years with the first payment being $220. Each subsequent payment through the 11th year increases by 4% from the previous payment. After the 11th 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 7.7%

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