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You have your choice of two investment accounts. Investment A is a 7-year annuity that features end-of-month $2,280 payments and has an interest rate of 9 percent compounded monthly. Investment B is an annually compounded lump-sum investment with an interest rate of 11 percent, also good for 7 years. How much money would you need to invest in B today for it to be worth as much as Investment A 7 years from now? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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Financial Management, Finance

Category:- Financial Management
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