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Assume you are to receive a 10-year annuity with annual payments of $312. The first payment will be received today (that is, at t =

Assume you are to receive a 10-year annuity with annual payments of $312. The first payment will be received today (that is, at t = 0) and the last payment will be received at the end of Year 9 (that is, at t = 9). You will invest each payment in an account that pays 10 percent. What will be the value in your account at the end of Year 20?

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