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An annuity pays $5000 every two years, beginning on January 1, 2018, and ending on January 1, 2030. The nominal interest rate is 4% convertible

An annuity pays $5000 every two years, beginning on January 1, 2018, and ending on January 1, 2030. The nominal interest rate is 4% convertible quarterly.

Find the value of this annuity on January 1, 2016.

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