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A 15-year annuity pays $1,300 per month, and payments are made at the end of each month. The interest rate is 8 percent compounded monthly

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A 15-year annuity pays $1,300 per month, and payments are made at the end of each month. The interest rate is 8 percent compounded monthly for the first five years and 6 percent compounded monthly thereafter. What is the present value of the annuity? Multiple Choice $1,712,516.15 $139,855.49 $142,709.68 $181,209.45 $145,563.87

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