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A 13-year annuity pays $2, 600 per month, and payments are made at the end of each month. The interest rate is 10 percent compounded

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A 13-year annuity pays $2, 600 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? Present value $1248580

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