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7 . Assume that the effective annual rate of return is 3 . 0 % . Please calculate the present value of the following annuities.

7. Assume that the effective annual rate of return is 3.0%. Please calculate the present value of the following annuities.
a. The annuity pays $500 in years 3,6,9, and 12.
b. The annuity pays $500 in years 1,4,7, and 10.

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