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Usually, you see the following formula of the constant cash flow C over T years with discount r: $PV=\frac{C}{r}(1-(1+r)^{-T})$ which is the sum of geometric progression. Here, the payment takes place at the beginning of the year, so you need to shift it a year ago multiplying it by (1+r), having $PV=(1+r)\frac{C}{r}(1-(1+r)^{-T})$ Rearrange the terms and ...



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