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The first of twelve semiannual payments of $2500 will be made 6.5 years from today. What is the present value of this deferred annuity using

The first of twelve semiannual payments of $2500 will be made 6.5 years from today. What is the present value of this deferred annuity using a discount rate of 7.5% compounded semiannually? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Present value $

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