. Terry purchases an annuity with payments made at the beginning of each month for 36 payments. The monthly payments are a constant amount of 15 per month for the first 24 payments. The 25th payment is 20, 26th is 25, the 27th payment is 30, and the arithmetic sequence continues for the rest of the payments. The nominal annual interest rate is 6% convertible monthly. What is the present value of the annuity

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The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.