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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 $120 every six months for

Suppose the interest rate is

9.2%

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

$120

every

six

months for

five

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

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Part 1

The present value of the annuity is

$enter your response here.

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