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Pharoah Company is considering investing in an annuity contract that will return $ 28,120 annually at the end of each year for 16 years. What

Pharoah Company is considering investing in an annuity contract that will return $ 28,120 annually at the end of each year for 16 years. What amount should Pharoah Company pay for this investment if it earns an 12% return?

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