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American General offers a 10-year annuity with a guaranteed rate of 8.35% compounded annually. How much should you pay for one of these annuities if

American General offers a 10-year annuity with a guaranteed rate of 8.35% compounded annually. How much should you pay for one of these annuities if you want to receive payments of $1600 annually over the 10 year period? How much should a customer pay for this annuity? Round to the nearest cent.

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