Present value of an annuity Assume the same data as in Exercise 11-10, except that the current

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Present value of an annuity Assume the same data as in Exercise 11-10, except that the current interest rate is 12%.

Will the present value of your winnings using an interest rate of 12% be more than the present value of your winnings using an interest rate of 5%? Why or why not?

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