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10. The first quarterly payment of $750 in a five-year annuity will be paid 3.5 years from now. Based on a discount rate of 8.25%

10. The first quarterly payment of $750 in a five-year annuity will be paid 3.5 years from now. Based on a discount rate of 8.25% compounded monthly, what is the present value of the payments today? (Total: 8 marks)

Interim calculations should be to six decimals; final answer to the nearest cent.

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