Rachaels Aunt Karroll told her that she would give Rachael $1000 at the end of each year
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Rachael’s Aunt Karroll told her that she would give Rachael $1000 at the end of each year for the next three years to help with her college expenses. Assuming an annual interest rate of 6 percent, what is the present value of that stream of payments? (Hint: Use Appendix A.4 or the Garman/Forgue companion website.)
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