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3. Phil Goode will receive $175,000 in 50 years. His friends are very jealous of him. If the funds are discounted back at a rate

3. Phil Goode will receive $175,000 in 50 years. His friends are very jealous of him. If the funds are discounted back at a rate of 14 percent, what is the present value of his future "pot of gold? (5 points)

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