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Calculate the value of the payments on may

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Problem 1: An annuity pays $2,250 per year for 11 years with the first payment on 26 May 2026. If the interest rate is 4.4% pa compounded yearly, calculate the value (P) of these payments on 26 May 2021. Give your answer in dollars and cents to the nearest cent.

Reference no: EM132986247

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