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A 6-year annuity of 12 $8,600 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. The discount
| A 6-year annuity of 12 $8,600 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. The discount rate is 15 percent compounded monthly. |
| a. | What is the value of this annuity five years from now? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
| b. | What is the value three years from now? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
| c. | What is the current value of the annuity? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) |
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