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A five-year annuity of 10 $5,500 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. If the

  1. A five-year annuity of 10 $5,500 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. If the discount rate is 8 percent compounded monthly, what is the value of this annuity five years from now?

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