Question: eBook Problem 7-20 You are offered an annuity that will pay $10,000 a year for twelve years (that is, twelve payments), but the payments start

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Problem 7-20

You are offered an annuity that will pay $10,000 a year for twelve years (that is, twelve payments), but the payments start after five years have elapsed. If you want to earn 7 percent on your funds, what is the maximum you should pay for this annuity? Use Appendix B and Appendix D to answer the question. Round your answer to the nearest dollar. $

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