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American General offers a 8 -year annuity with a guaranteed rate of 9.22 % compounded annually. How much should you pay for one of these

American General offers a 8-year annuity with a guaranteed rate of 9.22% compounded annually. How much should you pay for one of these annuities if you want to receive payments of $1300 annually over the 8 yearperiod?

How much should a customer pay for thisannuity?

$_____

(Round to the nearestcent.)

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