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A 4-year annuity of eight $11,400 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. If the

A 4-year annuity of eight $11,400 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now.

If the discount rate is 11 percent compounded monthly, what is the current value of the annuity?

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