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Your friend promises you an annuity of 15 payments. If the first payment occurs in year 1, the interest rate is 5% and the present

Your friend promises you an annuity of 15 payments. If the first payment occurs in year 1, the interest rate is 5% and the present value at year zero for the promise is $200, which of the following is right about the present value at year zero for the payment at year 3?

a.$14.80

b.$16.64

c.$23.83

d.$ 22.56

e.None of the above

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