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A lease on Times Square will pay $1,000,000 annually (starting in one year) for 25 years at a growth rate of 2%. Similar properties are

A lease on Times Square will pay $1,000,000 annually (starting in one year) for 25 years at a growth rate of 2%. Similar properties are discounted at a 5% rate. What is the value today (present value) of this growing annuity cash flow stream? (round to the nearest dollar)

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