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Frye Company is considering investing in an annuity contract that will return $50,000 annually at the end of each year for 20 years. What amount

Frye Company is considering investing in an annuity contract that will return $50,000 annually at the end of each year for 20 years. What amount should Frye Company pay for this investment if it earns an 8% return? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 2 decimal places, e.g. 52.75.)

Frye Company pay for investment $

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