Question: A deferred annuity will pay you $25 at the end of each year for 10 years, however the first payment will not be made until

A deferred annuity will pay you $25 at the end of each year for 10 years, however the first payment will not be made until three years from today (payments will be made at the end of years 3 through 12). What amount will you have to deposit today to fund this deferred annuity? Use an .05 discount rate.

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