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Jessica has an insurance policy that will pay her an annual annuity of $ 550 at the end of each year for a total of

Jessica has an insurance policy that will pay her an annual annuity of $550 at the end of each year for a total of 8 consecutive years. However, the terms of the policy are such that the annuity's first payment will not be made until the end of year 3. Determine the present value of Jessica's policy if the interest rate is 4%.

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