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Find the PV of an annuity that pays $65 each month for the next 2 years. Assume that the annual R=12% ( please show me

Find the PV of an annuity that pays $65 each month for the next 2 years. Assume that the annual R=12% ( please show me the whole work step by step..)

And could you tell me why should we change the R to be 1, but in the question is 12%?

Thank you

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