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An employee's compensation includes an annuity with 7 annual payments that pays $ 8 0 , 0 0 0 at retirement, with each subsequent payment

An employee's compensation includes an annuity with 7 annual payments that pays $80,000 at retirement, with each subsequent payment growing by 4%. The firms policy is to pre-fund such annuities one year before retirement. At an interest rate of 6%, how much would the firm need to invest? Please round your answer to the nearest hundredth.

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