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A real estate investment has the following expected cash flows: Year Cash Flows 1 $12,000 2 $10,000 3 $23,000 4 $32,000 The discount rate is

A real estate investment has the following expected cash flows: Year Cash Flows

1 $12,000

2 $10,000

3 $23,000

4 $32,000

The discount rate is 6 percent. What is the investments present value? Round your answer to 2 decimal places.

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