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14. An investment offers $3,000 for 12 years with the first payment occuring one year from now. If the required return is 10.5%, what is

14. An investment offers $3,000 for 12 years with the first payment occuring one year from now. If the required return is 10.5%, what is the present value of the investment?

(round to the nearest dollar EXAMPLE 10,000)

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