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4 . Derek s grandfather gives all of his grandchildren $ 1 0 , 0 0 0 on their 2 1 st birthdays. Derek just

4 .

Derek

s grandfather gives all of his grandchildren $

10, 000

on their

21

st birthdays. Derek just turned

18 .

What is the value of the $

10, 000

gift in today

s dollars, assuming that Derek can earn

4 %

compounded annually?

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