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Item $6$

Problem $6-48$ Variable Interest Rates $[$LO$1]$

A $10-$year annuity pays $$2,000$ per month, and payments are made at the end of each month. If the APR is $12$ percent compounded monthly for the first five years, and APR of $8$ percent compounded monthly thereafter, what is the value of the annuity today?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$