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3. (a) Donald receives an annuity of $450, payable once every two years. The annuity stretched out over 20 years. The first payment occurs at

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3. (a) Donald receives an annuity of $450, payable once every two years. The annuity stretched out over 20 years. The first payment occurs at date 4, that is, four years from today. The annual interest rate is 6 percent. What is the present value of the annuity

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