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At your favorite annuity store, Annuities-R-Us, you see a security that offers 46 equal payments,...

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Accounting

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At your favorite annuity store, Annuities-R-Us, you see a security that offers 46 equal payments, with the first payment of $600 occurring today, and all other payments of $600 paid in succeeding 7-month intervals; payments will therefore be at months 0, 7, 14, 21 ... 294, 301, 308, and 315. You determine that the correct discount/compounding rate is a nominal annual rate of 6.0 percent, with monthly compounding. Given this information, determine the value of this annuity at Month 315. $39,014 $74,982 $67,259 $48,877 $57,184

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