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You are offered an annuity that will pay $11,000 a year for nine years (that is, nine payments), but the payments start after five years

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You are offered an annuity that will pay $11,000 a year for nine years (that is, nine 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 8 and Appendix D to answer the question. Pound your answer to the nearest dollar

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