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An investment offers $4,350 per year for 15 years, with the first payment occurring one year from now. If the required return is 6 percent,

An investment offers $4,350 per year for 15 years, with the first payment occurring one year from now. If the required return is 6 percent, what is the present value of the investment? What would the value of the investment be if instead you received your first payment today?

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