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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 $20,000 per month every month for 20 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 12 percent compounded monthly for the first eight years, and 9 percent compounded monthly thereafter, what is the present value of the annuity?

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