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| rev | Admin | (Created page with "'''Solution: D''' Let t represent the number of years since the beginning of year 1. Since the annual effective interest rate is 3% in each of years 1 through 10, and 2% each year thereafter, the present value of an amount is calculated by multiplying it by a discounting factor of <math display = "block">\frac{1}{1.03^t}\,\,\mathrm{if} \, 0 < t \leq 10\,</math> and <math display = "block">\frac{1}{(1.03)^{10}(1.02)^{t-10}}\,\,\mathrm{if} \, t >10\,</math> The balance...") | Nov 18'23 at 12:15 | +1,349 |