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A 11-year annuity pays $1,500 per month, and payments are made at the end of each month. The interest rate is 7 percent compounded monthly

A 11-year annuity pays $1,500 per month, and payments are made at the end of each month. The interest rate is 7 percent compounded monthly for the first five years and 4 percent compounded monthly thereafter. What is the present value of the annuity

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