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You are offered an annuity that will pay $9,000 a year for twelve years (that is, twelve payments), but the payments start after five years
You are offered an annuity that will pay $9,000 a year for twelve years (that is, twelve payments), but the payments start after five years have elapsed. If you want to earn 8 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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