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A 1 9 - year annuity pays $ 1 , 7 0 0 per month, and payments are made at the end of each month.

19 -

year annuity pays $

1, 700

per month, and payments are made at the end of each month. The interest rate is

16

percent compounded monthly for the first six years and

15

percent compounded monthly thereafter.

What is the present value of the annuity?

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