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A financial instrument pays $100,000 at the end of each of the next two years. The APR is 8%. In the first year the interest

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A financial instrument pays $100,000 at the end of each of the next two years. The APR is 8%. In the first year the interest rate is compounded annually. In the second year the interest rate is compounded semi-annually. What is the present value of the financial instrument? O $177,933.01 $178,069.98 $178,199.65 $179,234.13 None of the above

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