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3. Mr. Johnson will receive $6,500 a year for the next 14 years from his trust. If an 8 percent interest rate is appropriate: What

3. Mr. Johnson will receive $6,500 a year for the next 14 years from his trust. If an 8 percent interest rate is appropriate:

What is the current value of the future payments?

What is the current value, if they are received at the beginning of each year?

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