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Suppose the interest rate is 9.9% APR with monthly compounding. What is the present value of an annuity that pays $115 every three months for

Suppose the interest rate is

9.9%

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

$115

every

three

months for

seven

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

Question content area bottom

Part 1

The present value of the annuity is

$enter your response here.

(Round to the nearest cent.)

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