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You are offered an annuity that will pay $ 1 2 , 0 0 0 a year for eight years ( that is , eight

You are offered an annuity that will pay $12,000 a year for eight years (that is, eight payments), but the payments start after five years have elapsed. If you want to earn 9 percent on your funds, what is the maximum you should pay for this annuity? Use Appendix B and Appendix D to answer the question. Round your answer to the nearest dollar.
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