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A $1 payment is to be made each year for nineteen years. The effective annual rate of interest is 7,4%. If the first payment is

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A $1 payment is to be made each year for nineteen years. The effective annual rate of interest is 7,4%. If the first payment is one year from now, the present value of these payments is $10. In which of the following ranges is the present value of these payments if the first payment is nineteen years from now

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