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Suppose the interest rate is 9 . 2 % APR with monthly compounding. What is the present value of an annuity that pays $ 1

Suppose the interest rate is

9.2 %

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

103

every

6

months for

5

years?

The

6 -

month effective interest rate is

% . (

Round to three decimal places.

)

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