How much would you lend a person today if he promised to repay 2000 at the end

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How much would you lend a person today if he promised to repay 2000 at the end of each year for the next 1 years? Assume there is a 3% chance of default in any year and you wish to earn 1 \% on your money. Also assume that once there is a default, no further payments are forthcoming.

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