What is the present value of the annuity

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Reference no: EM131021129

A 13-year annuity pays $3,000 per month, and payments are made at the end of each month. The interest rate is 9 percent compounded monthly for the first six years, and 7 percent compounded monthly thereafter.

Required:

What is the present value of the annuity?

Reference no: EM131021129

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