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K American General offers a 8-year annuity with a guaranteed rate of 5.87% compounded annually. How much should you pay for one of these

K American General offers a 8-year annuity with a guaranteed rate of 5.87% compounded annually. How much should you pay for one of these annuities if you want to receive payments of $1600 annually over the 8 year period? How much should a customer pay for this annuity? $ (Round to the nearest cent.)

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