Question: Five years from now you will start receiving an annuity of $1200/year for 15 years (the first payment will occur in year 5 and the

Five years from now you will start receiving an annuity of $1200/year for 15 years (the first payment will occur in year 5 and the last payment in year 19). If the discount rate is 5%, how much is this annuity worth today?

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