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Determine the amount of money that must be invested now (time 0) at 5% nominal interest, compounded monthly, to provide an annuity of $8000 per

Determine the amount of money that must be invested now (time 0) at 5% nominal interest, compounded monthly, to provide an annuity of $8000 per year for 15 years, starting eight years from now. The interest rate remains constant over this entire period of time.

The amount of money that must be invested now is__$. (Round to the nearest dollar.)

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