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P6-48 Variable Interest Rates (L01) 24 A 10-year annuity pays $1,600 per month, and payments are made at the end of each month. The interest

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P6-48 Variable Interest Rates (L01) 24 A 10-year annuity pays $1,600 per month, and payments are made at the end of each month. The interest rate is 9 percent compounded monthly for the first six years and 7 percent compounded monthly thereafter. tnts Skipped Required: What is the present value of the annuity? eBook References

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