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A representative of a reputable financial services company has approached you as manager of a four - person group of anesthesiologists with an opportunity to

A representative of a reputable financial services company has approached you as manager of a four-person group of anesthesiologists with an opportunity to purchase a 10-year annuity due for each member of the group. The annuity due would pay $40,000 each year beginning 5 years from now (i.e., at time =5). What is the most you would be willing to pay now, per each physician, for this investment? Assume an appropriate discount rate of 7%. Do not include unit of measurement ($) in your answer below.
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