A 13-year annuity pays 3000 per month and payments are made, Financial Management

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A 13-year annuity pays 3000 per month and payments are made

A 13-year annuity pays $3,000 per month, and payments are made at the end of each month. The interest rate is 9 percent compounded monthly for the first six years, and 7 percent compounded monthly thereafter.

Required:

What is the present value of the annuity?

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Financial Management: A 13-year annuity pays 3000 per month and payments are made

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Financial Management: A 13-year annuity pays 3000 per month and payments are made

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