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You are scheduled to receive annual payments of $10,400 for each of the next 20 years. Your discount rate is 9 percent. What is the

You are scheduled to receive annual payments of $10,400 for each of the next 20 years. Your discount rate is 9 percent. What is the difference in the present value if you receive these payments at the beginning of each year rather than at the end of each year?

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