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A 3 - year annuity of six 5 , 0 0 0 semi - annual payments will begin 1 0 years from now, with the

3 -

year annuity of six

5, 000

semi

-

annual payments will begin

10

years from now, with the first payment coming

10.5

years from now. If the discount rate is

10

per cent compounded monthly, what is the current value of the annuity?

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