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Phil Dunphy wants to receive a 25-year annuity of $40,000 annual payments. The first $40,000 payment...

Phil Dunphy wants to receive a 25-year annuity of $40,000 annual payments. The first $40,000 payment is exactly one year from today and the last (25th) payment is exactly 25 years from today. The annual interest rate is 7.5% per year. Calculate the Present Value today (t=0) of this annuity.

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SOLVED WITH MANUAL FORMULA

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