Question

An individual has the option of purchasing either one of the following two annuities.(i) an n-year

increasing annuity-immediate whose annual payments are 340, 680, 1,020 . . .

(ii) an n-year increasing annuity-due whose annual payments are 320, 640, 960, . . .

At an annual effective rate of interest i, they have the same present value.

Determine i.

Plz include steps as well

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