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Joe will receive 2 0 annual payments of 2 5 0 0 0 , with the first payment on his 6 5 th birthday. Determine

Joe will receive

20

annual payments of

25000,

with the first payment on his

65

th birthday. Determine the present value, on Joe's

40

th birthday, of this deferred annuity, using an

8 %

annual effective interest rate.

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