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A perpetuity has annual payments. The first payment is for $ 3 2 0 and then payments increase by $ 4 0 each year until

A perpetuity has annual payments. The first payment is for $320 and then payments increase by $40 each year until they become level at $1,440. Find the value of this perpetuity at the time of the first payment using an annual effective interest of 4%.(Round your answer to the nearest cent.)

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