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Suppose that the present value of an annuity will provide 1 6 payments of $ 2 9 0 0 once a year. If the first

Suppose that the present value of an annuity will provide

16

payments of $

2900

once a year. If the first payment will come

15

years from now, and the annual rate of interest is

9 %,

what is the present value of the annuity?

Answer: $

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