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Suppose that an annuity will provide for 20 annual payments of 1480 dollars, with the first payment coming 12 years from now. If the nominal

Suppose that an annuity will provide for 20 annual payments of 1480 dollars, with the first payment coming 12 years from now. If the nominal rate of interest is 8.8 percent convertible monthly, what is the present value of the annuity?

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