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A 14-year annuity pays $1,200 per month, and payments are made at the end of each month. The interest rate is 10 percent compounded monthly

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A 14-year annuity pays $1,200 per month, and payments are made at the end of each month. The interest rate is 10 percent compounded monthly for the first Six years and 9 percent compounded monthly thereafter. Required What is the present value of the annuity

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