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1. (10 pts) You have entered an agreement to pay $7,000 in 3 years and $12,000 in 18 years. How much is this worth today

1. (10 pts) You have entered an agreement to pay $7,000 in 3 years and $12,000 in 18 years. How much is this worth today if: (a) The nominal annual interest rate is 3.1% compounded monthly? (b) The effective annual discount rate is 5.8%

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