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sign a contract that stipulates they will receive 27 annual
payments of $22,500 in exchange for their attendance at college sporting events.
The first payment will be received 7 years from today and the interest rate is 5.1
percent. What is the value of the payments today?
a) $359,870.96
b) $241,885.62
c) $249,948.47
d) $227,158.07
e) $228,447.53