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An annuity pays $500 at the end of each quater for 10 years. A second annuity has payments of $200 at the end of each

An annuity pays $500 at the end of each quater for 10 years. A second annuity has payments of $200 at the end of each year for 10 years. For both cases the interest rat is 8% compounded quarterly. Find the present value of each of these annuities and calculate the difference in their present values.

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