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<8> ( Deferred Annuity) How much is the present value of the following multiple cash flow? Each of the cash flows is equal to $5,000.

<8> (Deferred Annuity)

How much is the present value of the following multiple cash flow? Each of the cash flows is equal to $5,000. The first cash flow starts at the end of year 8; and the last cash flow ends at the end of year 20. Assume interest rate is 10%.

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