The present value of the annuity

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A 20-year annuity pays $2,350 per month, and payments are made at the end of each month. If the interest rate is 13 percent compounded monthly for the first eight years, and 10 percent compounded monthly thereafter, what is the present value of the annuity? (Do not round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).)

Reference no: EM13726192

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