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3. Find the present value (today) of an annuity paying you $40,000 per year where the first annuity payment takes place in 31 years and

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3. Find the present value (today) of an annuity paying you $40,000 per year where the first annuity payment takes place in 31 years and the final annuity payment takes place in 50 years if the appropriate discount rate is 6.5%. (8 points)

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