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3. A 10-year annuity makes continuous payments. At time t, the annuity pays at an annual rate of 30-3t). Time is measured in years. The annual effective interest rate is 5%. Calculate the present value of the annuity. Solution:

3. A 10-year annuity makes continuous payments. At time t, the annuity pays at an annual rate of 30-3t). Time is measured in years. The annual effective interest rate is 5%. Calculate the present value of the annuity. Solution:

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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3. A 10-year annuity makes continuous payments. At time \( t \), the annuity pays at an annual rate of \( 30 - 3t \). Time is measured in years. The annual effective interest rate is 5%. Calculate the present value of the annuity. **Solution:**
Transcribed Image Text:3. A 10-year annuity makes continuous payments. At time \( t \), the annuity pays at an annual rate of \( 30 - 3t \). Time is measured in years. The annual effective interest rate is 5%. Calculate the present value of the annuity. **Solution:**
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