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The compounding periods and the payment periods are the same for an annuity and for an amortization. Determine the present value of the annuity that

The compounding periods and the payment periods are the same for an annuity and for an amortization. Determine the present value of the annuity that will pay the given periodic payments.

(

Round your final answer to two decimal places.

)

Periodic payments of $

55

per month for

2

years. The interest is

1 %

compounded monthly.

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