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Consider a deferred annuity with 9 annual payments of $100 at times 4 through 12, inclusive. What is the present value of these 9 payments

Consider a deferred annuity with 9 annual payments of $100 at times 4 through 12, inclusive. What is the present value of these 9 payments at time t= 0 if the annual effective interest rate is 4% (nearest cent)?

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