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3. A 8-year annuity makes payments at the end of each month. The first payment is $20,000, and thereafter each subsequent monthly payment is $100

3. A 8-year annuity makes payments at the end of each month. The first payment is $20,000, and thereafter each subsequent monthly payment is $100 less than the previous payment. The interest rate is 9% convertible monthly. Find the value of this annuity two months prior to the first payment

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