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5. You will be receiving a seven-year $5000 annuity starting three years from now (i.e. your will receive a cash inflow of $5,000 for each

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5. You will be receiving a seven-year $5000 annuity starting three years from now (i.e. your will receive a cash inflow of $5,000 for each of the years t3 through 19). If the appropriate discount rate is 8.5%, what is the present value of your annuity? (7 points)

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