The price of a 5 5-year annuity-immediate with annual level payments of $ 100 $100 is calculated at an annual effective interest rate of 6 % 6%. Estimate the new price of this annuity if the interest rate drops to 5.7 % 5.7% using the first-order Macaulay approximation.
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The price of a 5 5-year annuity-immediate with annual level payments of $ 100 $100 is calculated at...
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