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A payment of $1,750 is due in 3 years, and $3,500 is due in 5 years. What single payment made today would be equivalent to

A payment of $1,750 is due in 3 years, and $3,500 is due in 5 years. What single payment made today would be equivalent to these original payments? Assume that money earns 5.50% compounded monthly.

round to the nearest cent

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