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31. What is the present value of an annuity with monthly payments of $500, paid at the beginning of the each of the following three

31.

What is the present value of an annuity with monthly payments of $500, paid at the beginning of the each of the following three years, if the discount rate (APR) is 12%?

a. $15,053.75

b. $15,204.29

c. $12,873.22

d. $15,335.89

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