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Marlene and Darlene are each the recipient of an annuity that pays $1,000 annual payments at the end of each year for 12 years. They

Marlene and Darlene are each the recipient of an annuity that pays $1,000 annual payments at the end of each year for 12 years. They both received their first payment on the same day. Explain how Marlene and Darlene could assign different present values to their respective annuities.

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