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What is the present value of an ordinary annuity that pays $500 every month for three years if the discount rate is 6.0% per year?

What is the present value of an ordinary annuity that pays $500 every month for three years if the discount rate is 6.0% per year? 1) $16,435.51 2) $16,058.25 3) $16,694.34 4) $16,123.79 5) $16,281.41

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