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2. What is the value today of a 15-year annuity that pays $500 a year? The annuity's first payment occurs at the end of year

2. What is the value today of a 15-year annuity that pays $500 a year? The annuity's first payment occurs at the end of year 6. The annual interest rate 12 percent for years 1 through 5 and 15% thereafter:

Ans: 1,658.98

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