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9. A 15-year annuity pays $1,500 per month, and payments are made at the end of each month. If the interest rate is 13% compounded

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9. A 15-year annuity pays $1,500 per month, and payments are made at the end of each month. If the interest rate is 13% compounded monthly for the first seven years, and 10% compounded monthly thereafter, what is the present value of the annuity? (16 Marks)

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