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For tax reasons, your client wishes to purchase an annuity that pays $ 1 1 0 , 0 0 0 each year for 8 years,

For tax reasons, your client wishes to purchase an annuity that pays $110,000 each year for 8 years, with the first payment in one year. At an interest rate of 5% and focusing on time value of money without consideration of any fees, how much would the client need to invest now?

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