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A deferred annuity consists of an ordinary annuity paying $3,600 semiannually for a 12-year term after a 6-year period of deferral. Calculate the deferred annuitys
A deferred annuity consists of an ordinary annuity paying $3,600 semiannually for a 12-year term after a 6-year period of deferral. Calculate the deferred annuitys present value using a discount rate of 5.6% compounded quarterly. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Present value of deferred annuity $________
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