FINANCE 7000- Ms. Gao is thinking of investing in an annuity that pays her $10,000

| March 13, 2016

Ms. Gao is thinking of investing in an annuity that pays her $10,000 in one year, and this payment keeps growing by 1% per year till the last payment that occurs 20 years from today. What is the fair value of this investment if the discount rate is 10%?

could you show me how to calculate this step by step

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