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Jims annuity of $100 per year is deferred for 5 years, then payable for 15 years with payments made at the start of each year.

Jims annuity of $100 per year is deferred for 5 years, then payable for 15 years with payments made at the start of each year. If 20 15 = K, what is the present value of Jims annuity at time zero?

A. $ 21

B. $ 20

C. $ 19

D. $ 18

E. $ 17

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