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A contest offers the winner the following prize. S8 975.00 to be paid in one year with each future payment 5.00% greater than the last.

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A contest offers the winner the following prize. S8 975.00 to be paid in one year with each future payment 5.00% greater than the last. The payoff will go forever! A person considering the contest expects to earn 10.00% per year on his money. What is the value of this prize in today's dollars? Answer Format: Currency: Round to: 2 decimal places. Enter Answer Here Submit Answer Prev Problem All Problems Next

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