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You are offered a 16-year annuity of $10,000 annual payments. However, the annuity begins in 9 years (you will not receive any payments for 9

You are offered a 16-year annuity of $10,000 annual payments. However, the annuity begins in 9 years (you will not receive any payments for 9 years, but will then receive $10,000 at the end of each year for 16 years. If the discount rate is 7% per year (compounded annually), what is the current value of the annuity?

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