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Complete the following for the present value of an ordinary annuity. (Use Table 13.2 .) (Do not round intermediate calculations. Round your answer to the

Complete the following for the present value of an ordinary annuity. (UseTable 13.2.)(Do not round intermediate calculations. Roundyour answer to the nearest cent.)

Amount of annuity expected: 860

Payment: Annually

Time: 5 years

Interest: 7%

What is the Present value (amount needed now to invest to receive annuity)? $_________

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