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A payment of $11,400 is to be made every year for 13 years, the first payment occurring in one years time. The interest rate is

A payment of $11,400 is to be made every year for 13 years, the first payment occurring in one years time. The interest rate is 5%. What is the PV of the annuity. Show your working using both the formula approach and the annuity table approach.

Give all steps with full calculations.

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