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You are comparing two annuities with equal present values. The applicable discount rate is 8.75 percent. One annuity pays $5,000 on the last day of

You are comparing two annuities with equal present values. The applicable discount rate is 8.75 percent. One annuity pays $5,000 on the last day of each year for 20 years. How much does the second annuity pay each year for 20 years if it pays at the beginning of each year?

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