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A financial company that advertises on television will pay you $ 6 0 , 0 0 0 now for annual payments of $ 1 0

A financial company that advertises on television will pay you $

60, 000

now for annual payments of $

10, 000

that you are expected to receive for a legal settlement over the next

12

years. What is the present value of this assuming the time value of the money at

13 % ?

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