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An annuity pays $ 2 0 , 0 0 0 per month every month for 2 0 years. The payments are made at the end
An annuity pays $ per month every month for years. The payments are made at the end of each month. The first payment is made at the end of the first month. If the interest rate is percent compounded monthly for the first eight years, and percent compounded monthly thereafter, what is the present value of the annuity?
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