n annuity pays $4152 per month, and payments are made at the end of each month. If the interest rate is 13 per cent compounded monthly for the first 9 years and 8 per cent compounded monthly for the next 13 years, what is the present value of the annuity?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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An annuity pays $4152 per month, and payments are made at the end of each month. If the interest rate is 13 per cent compounded monthly for the first 9 years and 8 per cent compounded monthly for the next 13 years, what is the present value of the annuity?

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