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22 A 18-year annuity pays $1,400 per month, and payments are made at the end of each month. The interest rate is 9 percent compounded

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22 A 18-year annuity pays $1,400 per month, and payments are made at the end of each month. The interest rate is 9 percent compounded monthly for the first six years and 7 percent compounded monthly thereafter. 2.5 points What is the present value of the annuity? Multiple Choice $213,803.89 $160,304.01 $1,885,929.51 $154,017.58 O $157,160.79

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