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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

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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 value at year zero for the promise is $200, which of the following is right about the payment at year 3 ? a. $16.27 b. $19.27 C. $47.93 d. $80.85 e. None of the above

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