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3. The present value of an annuity using an effective annual discount rate of 12% is $40,043.69. This annuity consists of 9 annual payments with

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3. The present value of an annuity using an effective annual discount rate of 12% is $40,043.69. This annuity consists of 9 annual payments with the first four payments being $8,000 each starting today. Determine the value of each of the next five payments, assuming they are of equal size

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