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| rev | Admin | (Created page with "Mike buys a perpetuity-immediate with varying annual payments. During the first 5 years, the payment is constant and equal to 10. Beginning in year 6, the payments start to increase. For year 6 and all future years, the payment in that year is K% larger than the payment in the year immediately preceding that year, where K < 9.2. At an annual effective interest rate of 9.2%, the perpetuity has a present value of 167.50. Calculate K. <ul class="mw-excansopts"><li>4.0</li...") | Nov 18'23 at 8:45 | +555 |