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An annuity pays 5500 dollars on January 1 of each year, starting on January 1, 2000. If 23 payments are made and the effective rate

An annuity pays 5500 dollars on January 1 of each year, starting on January 1, 2000. If 23 payments are made and the effective rate of interest is 7.5 percent, what is the present value of the annuity on January 1, 1999?

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