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Suppose the interest rate is 7.7% APR with monthly compounding. What is the present value of an annuity that pays $85 every six months for

Suppose the interest rate is 7.7% APR with monthly compounding.

What is the present value of an annuity that pays $85 every six months for seven years? (Note: Be careful not to round any intermediate steps less than six decimal places.)

The present value of the annuity is

$__________

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