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A 15-year annuity pays $1,000 per month, and payments are made at the end of each month. The interest rate is 15 percent compounded monthly
| A 15-year annuity pays $1,000 per month, and payments are made at the end of each month. The interest rate is 15 percent compounded monthly for the first six years and 14 percent compounded monthly thereafter. |
| What is the present value of the annuity? |
Multiple Choice
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$108,515.59
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$72,323.18
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$867,878.16
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$70,876.72
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$73,769.64
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Fundamentals Of Corporate Finance
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
13th Edition
1265553602, 978-1265553609
