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What is the present value of a four period annuity of $400 per year that begins three years from today, if the discount rate is

What is the present value of a four period annuity of $400 per year that begins three years from today, if the discount rate is 12%

(a) $1214.94

(b)$864.77

(d)$1084.77

(e) $1360.73

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