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Suppose that you will receive annual payments of $29,850 for a period of 29 years. The first payment will be made 9 years from now.

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Suppose that you will receive annual payments of $29,850 for a period of 29 years. The first payment will be made 9 years from now. If the interest rate is 11.00%, what is the value of the annuity in year 8 , what is the current value of this stream of cash flows? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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