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(Present value of an annuity) What is the present value of a(n) 16-year annuity that pays $3,500 annually, given a discount rate of 12 percent?

(Present value of an annuity) What is the present value of a(n) 16-year annuity that pays $3,500 annually, given a discount rate of 12 percent? The present value of the annuity is $. (Round to the nea...

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