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Suppose that you will receive annual payments of $ 2 2 , 3 0 0 for a period of 2 1 years. The first payment

Suppose that you will receive annual payments of $

22, 300

for a period of

21

years. The first payment will be made

10

years from now. If the interest rate is

9.50 %,

what is the value of the annuity in year

9,

what is the current value of this stream of cash flows?

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