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An annuity is set up that will pay $1,600 per year for ten years. What is the present value (PV) of this annuity given that

An annuity is set up that will pay $1,600 per year for ten years. What is the present value (PV) of this annuity given that the discount rate is 9%?

a. $6,161

b. $12,322

c. $10,268

d. $14,375

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