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Please answer step by step with clear writing, thank you! 8. You are scheduled to receive annual payments of $60,000 for each of the next

image text in transcribedPlease answer step by step with clear writing, thank you!

8. You are scheduled to receive annual payments of $60,000 for each of the next 20 years. The annual rate of return is 8 percent. What is the difference in the future value in year 20 if you receive these payments at the beginning of each year rather than at the end of each year

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