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An investment pays $503 every second year for 20 years (a total of 10 payments). The first payment is paid today. Your opportunity cost is

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An investment pays $503 every second year for 20 years (a total of 10 payments). The first payment is paid today. Your opportunity cost is 8% compounded semi-annually. The present value of this investment is $ (Note: please retain at least 4 decimal places in your calculations and at least 2 decimal places in the final answer.)

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