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Deferred Annuity: An annuity starts at the end of year 3 and runs for 5 years. The payment amount is $1,000. Interest rate is 9%.

Deferred Annuity: An annuity starts at the end of year 3 and runs for 5 years. The payment amount is $1,000. Interest rate is 9%. Compute the present value of the deferred annuity at time 0. Hint: follow the 4 -step process in the PowerPoint lecture. Round to the nearest $1

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