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What is the value today of a 15-year annuity that pays $590 per year? The annuity's first payment occurs six years from today. The annual

What is the value today of a 15-year annuity that pays $590 per year? The annuity's first payment occurs six years from today. The annual interest rate is 12 percent for Years 1 through 5, and 14 percent thereafter.

Present value$

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