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You have a chance to buy an annuity that pays $1,800 at the end of each year for 8 years. You could earn 4% on

You have a chance to buy an annuity that pays $1,800 at the end of each year for 8 years. You could earn 4% on your money in other investments with equal risk. What is the most you should pay for the annuity?

a. $10,576.15 b. $11,869.23 c. $12,118.94 d. $12,603.70 e. $13,152.57

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