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If a 7-year annuity has a present value of $1,542.18, and if the interest rate is 8.50 percent, what is the amount of each payment?

If a 7-year annuity has a present value of $1,542.18, and if the interest rate is 8.50 percent, what is the amount of each payment? a. $266.69 b. $239.82 c. $301.29 d. $277.69 e. $311.47

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