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Suppose the interest rate is 6 . 4 % APR with monthly compounding. What is the present value of an annuity that pays $ 8

Suppose the interest rate is

6.4 %

APR with monthly compounding. What is the present value of an annuity that pays $

85

every three months for four years?

(

Note: Be careful not to round any intermediate steps less than six decimal places.

)

The present value of the annuity is $

? (

Round to the nearest cent.

)

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