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You are considering the purchase of a delayed annuity. The annuity will pay you $400 per year for 14 years, but you will not receive

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You are considering the purchase of a delayed annuity. The annuity will pay you $400 per year for 14 years, but you will not receive the first payment one year from now-the first payment will be received 8 years from now. If the interest rate is 7%, what is the most you would pay for the delayed annuity today? Round your answer to 2 decimal places, for example 100.12

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