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Your friend promises you an annuity of 10 payments. If the first payment of $10 occurs in year 2 and the interest rate is 10%,

Your friend promises you an annuity of 10 payments. If the first payment of $10 occurs in year 2 and the interest rate is 10%, which of the following is right about its present value at time zero?

a.$77.22

b.$71.09

c.$61.45

d.$55.86

e.None of the above

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