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please explain the problem step by step, thanks A five-year annuity of ten $5,900 semiannual payments will begin 9 years from now, with the first

image text in transcribedplease explain the problem step by step, thanks

A five-year annuity of ten $5,900 semiannual payments will begin 9 years from now, with the first payment coming 9.5 years from now. The discount rate is 8 percent compunded monthly. a. What is the value of this annuity five years from now? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the value three years from now? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. What is the current value of the annuity? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. b. Value of the annuity Value of the annuity Value of the annuity C

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