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What is the present value of $700 per year, forever more, broken up into monthly payments (i.e. one twelfth of $700 each month), starting one month from now, using an interest rate of 7% per annum compounded annually? (It is recommended that you use at least 4 decimals in all discount rates.) Note: Interest rates are assumed to be compounded annually, unless stated otherwise. Do NOT include dollar signs or commas, and answer to the closest cent. (For example, 1234.56)