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A 5 - year annuity of 1 0 $ 1 2 , 6 0 0 semiannual payments will begin 9 years from now, with the

A 5-year annuity of 10 $12,600 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. The discount rate is 14 percent compounded monthly.

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