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A 5 - year annuity of ten $ 4 0 0 semiannual payments will begin 8 years from now, with the first payment coming 8

5 -

year annuity of ten $

400

semiannual payments will begin

8

years from now, with the first payment coming

8.5

years from now. If the discount rate is

12

percent compounded monthly, what is the value of this annuity

2

years from now?

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