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Tony has a series of payments of $1000 which are due at the end of each year for five years. If the payments are deferred for two years and interest is 9% compounded quarterly, what is the present value of the deferred payments at the beginning of the annuity?

a. $4689.23
b. $5222.58
c. $6021.59
d. $3858.73

Sagot :

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