Question: What is the first step in calculating the present value of a deferred annuity using the two-step process?Subtract the future value from the present value.Determine

What is the first step in calculating the present value of a deferred annuity using the two-step process?Subtract the future value from the present value.Determine the interest rate.Calculate the present value as of today.Calculate the present value as of the beginning of the annuity period.

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