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Peter Will Receive $1,200 at the Beginning of Each of the Next

Question 18

Multiple Choice

Peter will receive $1,200 at the beginning of each of the next seven years.What is the future value of this annuity,assuming the interest rate is 9% compounded annually? (Round to the nearest whole dollar)


A) $1,200
B) $11,041
C) $12,034
D) $13,234
E) $8,400

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