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A 12-year annuity of $225 monthly payments begins in 7 years(the first payment is at the end of the first month of year 7, soit's an ordinary annuity). The appropriate discount rate is 8%,compounded monthly. What is the value of the annuity 5 years fromtoday? $20,786.13 $15,109.87 $17,722.18 $16,363.98
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