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Steven is planning for his retirement this year. One option that has been presented to him is the purchase of an annuity that would provide

Steven is planning for his retirement this year. One option that has been presented to him is the purchase of an annuity that would provide a $44,000 payment each year for the next 12 years. Calculate how much Steven should be willing to pay for the annuity if he can invest his funds at 11%.

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