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What is the present value of an ordinary annuity paying $1,250 each year for 20 years, with an interest rate of 7.5 percent compounded annually?

What is the present value of an ordinary annuity paying $1,250 each year for 20 years, with an interest rate of 7.5 percent compounded annually? (Round to the nearest dollar.)

$11,480

$15,172

$17,876

$12,743

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