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3. Find the present value of an ordinary annuity with payments of $500 a year for 5 years, if interest rates are 8% compounded semiannually.

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3. Find the present value of an ordinary annuity with payments of $500 a year for 5 years, if interest rates are 8% compounded semiannually. a) $1996.36 b) $1701.46 c) $2993.30 d) $1656.06 e) None of the above

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