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If the interest rate is 9 percent compounded monthly for

A 10-year annuity pays $1,450 per month, and payments are made at the end of each month. If the interest rate is 9 percent compounded monthly for the first four years, and 7 percent compounded monthly thereafter, what is the present value of the annuity?

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Finance Basics: If the interest rate is 9 percent compounded monthly for

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