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Kay mart has purchased an annuity to begin payment at the

Question: Kay Mart has purchased an annuity to begin payment at the end of 2013 (the date of the first payment). Assume it is now the beginning of 2011. The annuity is for $12,000 per year and is designed to last eight years. If the discount rate for the calculation is 11 percent, what is the most she should have paid for the annuity?

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