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After 30 years you are planning to retire. The company offers you a one-time payment of $500,000 instead of the annual pension payments. If you

After 30 years you are planning to retire. The company offers you a one-time payment of $500,000 instead of the annual pension payments. If you receive $30,000 per year and plan to live for another 35 years, what would be the value of the one-time payment if the discount rate is 3%?

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