The annual effective interest rate is 6. determine the, Ask an Expert

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Payments of $5 are made at the end of every quarter during the first year, $10 at the end of every quarter of the second year, $15 at the end of every quarter of the third year, and so on, for a total of 20 years. The annual effective interest rate is 6%. Determine the accumulated value of these payments at time 20.

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