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A 10-year annuity pays $1,200 per month, and payments are made at the end of each month. The interest rate is 11 percent compounded monthly

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A 10-year annuity pays $1,200 per month, and payments are made at the end of each month. The interest rate is 11 percent compounded monthly for the first five years and 9 percent compounded monthly thereafter. What is the present value of the annuity? Multiple Choice 0 $1,063,531.84 $88,627.65 0 $90,400.21 $112,999.69 O $86,855.10

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