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Marlene and Darlene are each the recipients of an annuity that pays $ 1 , 0 0 0 at the end of each year for

Marlene and Darlene are each the recipients of an annuity that pays $

1, 000

at the end of each year for twelve years. They both received their first payment on the same day. Explain how Marlene and Darlene could have different NPVs for their annuities.

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