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a. What is the present value of a 3-year annuity of $220 if the discount rate is 6%? b. What is the present value of

a.What is the present value of a 3-year annuity of $220 if the discount rate is 6%?

b.What is the present value of the annuity in (a) if you have to wait an additional year for the first payment?

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