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What is the present value of 8 consecutive annual payments of $55 made at the end of each year beginning in one year if the

What is the present value of 8 consecutive annual payments of $55 made at the end of each year beginning in one year if the interest rate is 3.00%? $____________ Place your answer in dollars and cents. Do not include a dollar sign or comma in your answer. Work your analysis out with at least four decimal places of accuracy.

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