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A 14-year annuity pays $1,500 per month with payments made at the end of each month. The interest rate is 9 percent, compounded monthly, for

A 14-year annuity pays $1,500 per month with payments made at the end of each month. The interest rate is 9 percent, compounded monthly, for thefirst five yearsand 6 percent,compounded monthly, thereafter. What is the present value of the annuity?

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