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3. You buy an annuity that will pay you $24,000 a year for 25 years. The payments are paid on the first day of each

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3. You buy an annuity that will pay you $24,000 a year for 25 years. The payments are paid on the first day of each year. What is the value of this annuity today if the discount rate is 8.5 percent, compounded quarterly? a. $266,498 b. $245,621 c. $251,409 d. $261,178 e. $240,109

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