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What is the present value of a security that will pay $20,000 in 15 years if securities of equal risk pay 4 percent annually? a.

What is the present value of a security that will pay $20,000 in 15 years if securities of equal risk pay 4 percent annually?

a. $19,230.77

b. 11,105.29

c. 14,485.28

d. 8,000

e.36,018.87

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