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Joe has an opportunity to purchase an annuity that pays $ 8 , 0 0 0 at the end of each of the next 1

Joe has an opportunity to purchase an annuity that pays $8,000 at the end of each of the next 10 years. If Joe is currently earning 8% on his money (his opportunity cost of money), how much should Joe be willing to pay for this annuity? (assume annual compounding)

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