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What is the value of policy

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Reference no: EM132666050

Consider an insurance policy that promises to pay the holder $1,125 per month for the next 20 years. The first payment will be one month after the purchase of the policy. (This type of policy is called a term annuity.) The appropriate discount rate is an APR of 6.78%, compounded monthly. What is the value of this policy?

Reference no: EM132666050

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