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What is the present value of $1,300 per year, at a discount rate of 9 percent, if the first payment is received 5 years from

What is the present value of $1,300 per year, at a discount rate of 9 percent, if the first payment is received 5 years from now and the last payment is received 21 years from now?

rev: 09_17_2012

$11,206.72

$7,710.92

$2,511.26

$7,868.28

$7,655.47

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