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An annuity that pays a decreasing amount at the end of every quarter for 7 years is to be purchased. The first payment will be

An annuity that pays a decreasing amount at the end of every quarter for 7 years is to be purchased. The first payment will be $3000, but each subsequent payment will be 92% of the previous one. If the time value of money is given by the annual nominal rate of 5% compounded quarterly, what is the price of this annuity when it is purchased?

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