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American General offers a 18-year annuity with a guaranteed rate of 6.47% compounded annually. How much sho you pay for one of these annuities

American General offers a 18-year annuity with a guaranteed rate of 6.47% compounded annually. How much sho you pay for one of these annuities if you want to receive payments of $1300 annually over the 18 year period? How much should a customer pay for this annuity? (Round to the nearest cent.)

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