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Determine the present value of an ordinary annuity of 1 000

Determine the present value of an ordinary annuity of $1,000 per year for 10 years, assuming it earns 10 percent. Assume that the first cash flow from the annuity comes at the end of Year 8 and the final payment at the end of Year 17. That is, no payments are made on the annuity at the end of Years 1 through 7. Instead, annual payments are made at the end of Years 8 through 17.

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