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Part $1$

Find the present value of the following ordinary annuity.

Periodic Payment

Payment Interval

Term

Interest Rate

Conversion Period

$$$$81\mathrm{.}00$

$6$ months

$7$ years

$8\%$

monthly

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Part $1$

The present value is $$$enter your response here.

$($Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as$$ needed.$)$