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) What is the present value of an ordinary 12-year annuity that pays $1,000 per year when the interest rate is 7%? a. $7,942.70 b.

) What is the present value of an ordinary 12-year annuity that pays $1,000 per year when the interest rate is 7%? a. $7,942.70 b. $8,942.71 c. $9,942.72 d. $10,942.56 e. None of the above.

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