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Suppose the interest rate is 6.5% APR with monthly compounding. What is the present value of an annuity that pays $105 every three months for

Suppose the interest rate is

6.5%

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

$105

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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