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Variable Interest Rates]: A 15-year annuity pays $1,500 per month, and payments are made at the end of each month. If the interest rate is

Variable Interest Rates]: A 15-year annuity pays $1,500 per month, and payments are made at the end of each month. If the interest rate is 12% compounded monthly for the first seven years, and 6% compounded monthly thereafter, what is the present value of the annuity?

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