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A 10-year annuity pays $3100 per month, and payments are made at the end of each month. The interest rate is 10 percent compounded monthly

A 10-year annuity pays $3100 per month, and payments are made at the end of each month. The interest rate is 10 percent compounded monthly for the first five years, and 8 percent compounded monthly thereafter.

What is the present value of the annuity?

Please explain problem and how to get answer. If you use a calculator, I have a TI-83.

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