A 20-year annuity pays 1 450 per month and payments are, Finance Basics

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A 20-year annuity pays 1 450 per month and payments are

Question: A 20-year annuity pays $1, 450 per month, and payments are made at the end of each month. If the interest rate is 11 percent compounded monthly for the first ten years, and 7 percent compounded monthly thereafter, what is the present value of the annuity? (Do not round intermediate calculations and round your answer to 2 decimal places.

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