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11. What is the present value of a series of $10,000 annual payments that will start five years from now and last until 14 years

11. What is the present value of a series of $10,000 annual payments that will start five years from now and last until 14 years from now (10 payments), if the interest rate is 12%?

a. $21,544.91 b. $35,908.19

c. $43,456.87 d. $46,345.80

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