A 20-year annuity with annual payments has a first payment now of $100,000 with each succeeding payment decreasing by 5%

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answerhappygod
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A 20-year annuity with annual payments has a first payment now of $100,000 with each succeeding payment decreasing by 5%

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A 20-year annuity with annual payments has a first payment now
of $100,000 with each succeeding payment decreasing by 5%.
Determine the PV of this annuity if the effective annual rate of
interest is 4%.
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