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On January 1, 1980, Suzanne received a twenty-year annuity-due that paid $200 each January 1 and $500 each July 1. What was the value of

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On January 1, 1980, Suzanne received a twenty-year annuity-due that paid $200 each January 1 and $500 each July 1. What was the value of this annuity on January 1, 1980, calculated using an effective rate of interest of 5%? (Round your answer to the nearest cent.)

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