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Consider an annuity with 16 annual payments. The first payment is $1,100 and each subsequent payment is $110 larger than the previous payment. Use an

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Consider an annuity with 16 annual payments. The first payment is $1,100 and each subsequent payment is $110 larger than the previous payment. Use an annual effective rate of interest of 8% to value the annuity. Find: (Answers to the nearest cent) The present value 1 year before the first payment. The answer to the nearest dollar is $15,486. Find the answer to the nearest cent

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