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Calculate the present value of an annuity with annual cash flows of $20,000 for 10 years, using a discount rate of 8%. Explain the concept

Calculate the present value of an annuity with annual cash flows of $20,000 for 10 years, using a discount rate of 8%. Explain the concept of an annuity and its application in finance, indicating a series of equal cash flows received or paid at regular intervals. Discuss the significance of present value in evaluating the value of future cash flows and investment opportunities.

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