If the interest rate is 12 percent compounded monthly for, Finance Basics

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If the interest rate is 12 percent compounded monthly for

Variable Interest Rates A 15-year annuity pays $1,700 per month, and payments are made at the end of each month. If the interest rate is 12 percent compounded monthly for the first seven years, and 9 percent compounded monthly thereafter, what is the present value of the annuity?

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