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Based upon an effective rate of 5%, what is the present value of a $1,000 annual annuity paid at the end of every year

Based upon an effective rate of 5%, what is the present value of a $1,000 annual annuity paid at the end of every year for 10 years? (Hint: Consider the total amount of the 10 payments.) $7,722 $614 $11,722 $1,614

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