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Suppose the interest rate is 9.1 %9.1% APR with monthly compounding. What is the present value of an annuity that pays $ 105$105 every threethree

Suppose the interest rate is

9.1 %9.1%

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

$ 105$105

every

threethree

months for

sevenseven

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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