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A 20-year annuity of forty $11,000 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. Required :

A 20-year annuity of forty $11,000 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. Required : (a) If the discount rate is 12 percent compounded monthly, what is the value of this annuity 4 years from now? (b) What is the current value of the annuity? rev: 09_17_2012

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