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You just purchased a twelve year annuity. This investment earns 5.67 percent interest compounded annually and will pay you $28,800 in one year. Calculate the

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You just purchased a twelve year annuity. This investment earns 5.67 percent interest compounded annually and will pay you $28,800 in one year. Calculate the present value of this investment assuming the payments grow by 2.3 percent per year. $275,371 $280,227 $282,902 $287,207

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