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A defined-benefit retirement plan once you retire - will pay $30,000 per year for 40 years and increase the annual payment by three-percent each year.

A defined-benefit retirement plan once you retire - will pay $30,000 per year for 40 years and increase the annual payment by three-percent each year. What is the present value at retirement if the discount rate is 7 percent?

$265,311

$381,212

$456,713

$586,620

$642,311

Please help urgently. No work needs to be shown.

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