A 10-year annuity pays $1,200 per month, and payments are made at the end of each month. The interest rate is 7 percent

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answerhappygod
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A 10-year annuity pays $1,200 per month, and payments are made at the end of each month. The interest rate is 7 percent

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A 10-year annuity pays $1,200 per month, and payments are made
at the end of each month. The interest rate is 7 percent compounded
monthly for the first five years and 5 percent compounded monthly
thereafter. What is the present value of the annuity? Multiple
Choice $107,567.45 $105,458.29 $124,191.24 $103,349.12
$1,265,499.43
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