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A gold mine is expected to yield an annual income of $90000 for the next 24 years, after which it will be sold for $6300.

A gold mine is expected to yield an annual income of $90000 for the next 24 years, after which it will be sold for $6300. An investor wants an annual return on his investment of 12%. If he can establish a sinking fund earning an annual interest rate of 6%, how much should he pay for the mine? Answer = $

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