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A 16-year annuity pays $1,300 per month, and payments are made at the end of each month. The interest rate is 13 percent compounded monthly

A 16-year annuity pays $1,300 per month, and payments are made at the end of each month. The interest rate is 13 percent compounded monthly for the first six years and 12 percent compounded monthly thereafter. What is the present value of the annuity

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