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Consider an annuity consisting of five cash flows of $5,500 each. Assume a 7% interest rate. What is the present value of the annuity if

Consider an annuity consisting of five cash flows of $5,500 each. Assume a 7% interest rate. What is the present value of the annuity if the first cash flow occurs:

a. today.

b. one year from today.

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