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show steps in details An interest rate of 6% APR, compounded monthly, is assumed. What is (rounded down to the nearest dollar) the present value

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An interest rate of 6% APR, compounded monthly, is assumed. What is (rounded down to the nearest dollar) the present value of a generalized ordinary annuity of $500 paid at the end of each month for one year and then $350 paid at the end of each month for three years after that? (C) 20,216 (D) 21, 738 (E) 19,985 (A) 21,124 (B) 20,784 (F) None of (A) - (E)

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