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A 5-year annuity of ten $12,000 semiannual payments will begin 11 years from now, with the first payment coming 11.5 years from now. a. If

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A 5-year annuity of ten $12,000 semiannual payments will begin 11 years from now, with the first payment coming 11.5 years from now. a. If the discount rate is 9 percent compounded monthly, what is the value of this annuity 5 years from now? b. What is the current value of the annuity

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