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20. What is the presenr value of $1,100 per year, at a discount rate of 7...

20. What is the presenr value of $1,100 per year, at a discount rate of 7 percent, if the first payment is received 9 years from now and the last payment is received 31 years from now?
a. $3,339.06
b. $7,072.24
c. $7,216.57
d. $7,081.52
e. $12,399.41
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21. You are considering an annuity of $86,360 today. The annuity pays $6,200 per year at an annual interest rate of 6.0 percent. What is the length of the annuity time period?
a. 16.43 yrs
b. 45.47 yrs
c. 29.90 yrs
d. 32.00 yrs
e. 31.00 yrs
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