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Phil Dunphy wants to receive a 20-year annuity of $40,000 annual payments.The first $40,000 payment is exactly one year from today and the last (20th)

Phil Dunphy wants to receive a 20-year annuity of $40,000 annual payments.The first $40,000 payment is exactly one year from today and the last (20th) payment is exactly 20 years from today.The annual interest rate is 7.5% per year.Calculate the Present Value today (t=0) of this annuity.

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