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Find the present value of a three-year, $20,000 ordinary annuity deposited into an account that pays 12 percent annual interest, compounded monthly. Solve for the present value of the annuity in the following ways:

a. as three single cash flows discounted at the stated annual rate of interest.

b. as three single cash flows discounted at the appropriate effective annual rate of interest.

c. as a three-year annuity discounted at the effective annual rate of interest.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92088003

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