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An annuity offers 3 1 payments of $ 1 5 per year. But this annuity starts with a 4 - year delay such that first

An annuity offers

31

payments of $

15

per year. But this annuity starts with a

4 -

year delay such that first payment is in

5

years. How much is present value now?

(

= 7 %)

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