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Your friend promises you an annuity of 25 payments. If the first payment occurs in year 1, the interest rate is 20% and the present

Your friend promises you an annuity of 25 payments. If the first payment occurs in year 1, the interest rate is 20% and the present value at year zero for the promise is $400, which of the following is right about the payment at year 7?

a.$16.27

b.$19.27

c.$47.93

d.$80.85

e.None of the above

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