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Suppose the interest rate is 9 . 7 % APR with monthly compounding. What is the present value of an annuity that pays $ 1

Suppose the interest rate is

9.7 %

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

110

every three months for seven years?

(

Note: Be careful not fo 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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