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Valuing Delayed Annuities Suppose that you will receive annual payments of $ 2 0 , 8 5 0 for a period of 2 3 years.

Valuing Delayed Annuities
Suppose that you will receive annual payments of $20,850 for a period of 23 years. The first payment will be made 6 years from now. If the interest rate is 11.00%, what is the value of the annuity in year 5, what is the current value of this stream of cash flows? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Value of the Security
in Year 5
Value of the Security today
$
$
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