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Compute the present value of an annuity of $538 per year for 16 years, given a discount rate of 7 percent per annum. Assume that

image text in transcribed Compute the present value of an annuity of $538 per year for 16 years, given a discount rate of 7 percent per annum. Assume that the first cash flow will occur one year from today (that is, at t=1 ). Round your answer to 2 decimal places; record your answer without commas and without a dollar sign

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