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Your friend promises you an annuity of 10 payments. If the first payment of $10 occurs in year 1 and the interest rate is 5%,

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Your friend promises you an annuity of 10 payments. If the first payment of $10 occurs in year 1 and the interest rate is 5%, which of the following is right about its present value at time zero? a. $77.22 b. $114.09 c. $50.07 d. $24.89 e. None of the above

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