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How much must be invested at the beginning of each year at 7%, compounded annually, to pay off a debt of $20,000 in 7 years?

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How much must be invested at the beginning of each year at 7%, compounded annually, to pay off a debt of $20,000 in 7 years? (a) State whether the problem relates to an ordinary annuity or an annuity due. ordinary annuity annuity due (b) Solve the problem. (Round your answer to the nearest cent.) \$

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