(Solution) - A contract calls for annual payments of 1 200 Find the -(2025 Original AI-Free Solution)

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A contract calls for annual payments of $1,200. Find the present value of the contract, assuming that
(1) The number of payments is 7 and the current interest rate is 6 percent:
(2) The number of payments is 14 and the current interest rate is 6 percent
(3) The number of payments is 7 and the current interest rate is 8 percent
(4) The number of payments is 14 and the current interest rate is 8 percent