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eBook Problem 7-20 You are offered an annuity that will pay $12,000 a year for nine years (that is, nine payments), but the payments start

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eBook Problem 7-20 You are offered an annuity that will pay $12,000 a year for nine years (that is, nine payments), but the payments start after four years have elapsed. If you want to earn 7 percent on your funds, what is the maximum you should pay for this annuity? Use Appendix B and Appendix D to answer the question, Round your answer to the nearest dollar

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