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A rich uncle has left you an annuity that will make twenty equal annual payments of $10,000. The first payment arrives in five years, and

A rich uncle has left you an annuity that will make twenty equal annual payments of $10,000. The first payment arrives in five years, and the last (20th) arrives in exactly 24 years. If annual r is 4.0%, what is the present value of this gift?

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