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Richard just joined a new gym and signed up for a one-year membership. Membership fees can be paid in 12 monthly payments of $50, due

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Richard just joined a new gym and signed up for a one-year membership. Membership fees can be paid in 12 monthly payments of $50, due at the beginning of each month or in one payment today. If the appropriate interest rate is 9%, how much should he pay today for the annual membership? $576.03 $688.16 $570.91 $568.38 $691.24

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