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A financial company advertises on television that they will pay you $55,000 now in exchange for annual payments of $8,000 that you are expected to

A financial company advertises on television that they will pay you $55,000 now in exchange for annual payments of $8,000 that you are expected to receive for a legal settlement over the next 12 years. You estimate the time value of money at 11 percent.

Calculate the present value of the annual payments

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