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1. What is the present value of a $25,000 lump sum that you will receive fiveyears from now and that was in an account that

1. What is the present value of a $25,000 lump sum that you will receive fiveyears from now and that was in an account that earned 5% per year compounded semi-annually?

The present value is $___

(Round the final answer to the nearest cent as needed. Keep all decimal places as you work through the problem.)

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