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A 10-year annuity pays $1,200 per year. The annuity's first payment occurs 5 years from today. The annual interest rate is 8% for Years 1

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A 10-year annuity pays $1,200 per year. The annuity's first payment occurs 5 years from today. The annual interest rate is 8% for Years 1 through 4, and 15% thereafter. Calculate the present value of the annuity today. (Round to 2 decimals)

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