Determine the difference between the present value of a $51,000 twenty-year annuity earning 6% interest compounded annually versus a $51,000 twenty-year growing annuity earning 6% interest compounded annually and having a 3% annuity growth rate.
A) $137,672.18
B) $147,672.18
C) $157,672.18
D) $167,672.18
E) $177,672.18
Correct Answer:
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