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Suppose the interest rate is 14% APR with monthly compounding. What is the present value today of an annuity that pays $111 every 3 months
Suppose the interest rate is 14% APR with monthly compounding. What is the present value today of an annuity that pays $111 every 3 months (i.e., every quarter) for a total of 15 quarterly payments? Assume the first payment occurs 3 months from today. Round the answer to the nearest dollar. (Acceptable error = $50)
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