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6) An insurance company offers you and end of year annuity of $48,000 per year for the next 20 years. They claim your return on

6) An insurance company offers you and end of year annuity of $48,000 per year for the next 20 years. They claim your return on the annuity is 9%. What is the most you would be willing to pay today for this annuity?

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