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An insurance company is offering a new policy to its customers. The detail of the policy is as follows. The purchaser makes the following five

An insurance company is offering a new policy to its customers. The detail of the policy is as follows. The purchaser makes the following five payments to the company.

First year$500Second year$600Third year$700Third year$700Fourth year$800Fifth year$900

Assume that the interest rate is 5%. How much is the lump sum value of the five payments as of today?

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