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An investment allows for end-of-year payments that grow by 6% per payment for 20 years, starting with $2,000 at the end of the first year.

An investment allows for end-of-year payments that grow by 6% per payment for 20 years, starting with $2,000 at the end of the first year. If the payments earn 4% compounded annually, how much (present value) was invested at the beginning?

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