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At an effective annual interest rate of 6%, an annuity due with 3N level payments...

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Finance

At an effective annual interest rate of 6%, an annuity due with 3N level payments of 1,000 has a present value of 14,678. Determine N, and in case of obtaining a decimal amount, obtain the amount of the additional fractional payment when it is made one period after the last regular payment.

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