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A 13-year annuity pays $3,400 per month, and payments are made at the end of each month. The interest rate is 8 percent compounded monthly

A 13-year annuity pays $3,400 per month, and payments are made at the end of each month. The interest rate is 8 percent compounded monthly for the first eight years, and 6 percent compounded monthly thereafter. Required: What is the present value of the annuity?

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