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3. Insurance (7 points) An insurance company offers you an end of year annuity of $48,000 per year for the next 20 years. They claim

3. Insurance (7 points) An insurance company offers you an end of year annuity of $48,000 per year for the next 20 years. They claim your return on the annuity is 9 percent. What should you be willing to pay today for this annuity?

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