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Both John and Mary are receiving monthly annuity payments of $500 over the next 20 years. The only difference is that John's payments are made

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Both John and Mary are receiving monthly annuity payments of $500 over the next 20 years. The only difference is that John's payments are made at the beginning of the month, and Mary's are made at the end of the month. Whose annuity payment stream will have the greater present value assuming they are discounted at the same rate? John's Mary's Cannot be determined based on the above information Both are the same

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