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Sara receives $350 on the first of each month. Morgan receives $350 on the last day of each month. Both Sara and Morgan will receive

Sara receives $350 on the first of each month. Morgan receives $350 on the last day of each

month. Both Sara and Morgan will receive payments for four years. At a rate of 6%

compounded monthly, what is the difference in the present value of these two sets of payments?

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