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4. Find the present value of an annuity with payments of $1,250 at the end of each year for 7 years. The interest rate is

4. Find the present value of an annuity with payments of $1,250 at the end of each year for 7 years. The interest rate is 5% compounded annually.

The present value of the annuity is $_______. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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