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Suppose the interest rate is 7.1% APR with monthly compounding. What is the present value of an annuity that pays $110 every six months for

Suppose the interest rate is

7.1%

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

$110

every

six

months for

seven

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

Question content area bottom

Part 1

The present value of the annuity is

$enter your response here.

(Round to the nearest cent.)

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