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A 18-year annuity pays $1,400 per month, and payments are made at the end of each month. The interest rate is 7 percent compounded monthly

A 18-year annuity pays $1,400 per month, and payments are made at the end of each month. The interest rate is 7 percent compounded monthly for the first five years and 4 percent compounded monthly thereafter.

What is the present value of the annuity?

$194,495.49
$240,788.14
$186,868.22
$2,288,182.25
$190,681.85

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