What is the present value of the annuity

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Reference no: EM131304647

A 10-year annuity pays $2,500 per month, and payments are made at the end of each month. The interest rate is 9 percent compounded monthly for the first four years, and 7 percent compounded monthly thereafter. Required: What is the present value of the annuity?

Reference no: EM131304647

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