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4. What is the present value of a 10-year annuity (i.e. makes 10 payments) that makes $500 payments but doesn't start making payments until 5-years

4. What is the present value of a 10-year annuity (i.e. makes 10 payments) that makes $500 payments but doesn't start making payments until 5-years from today? Assume a 10% discount rate

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