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An investment pays you $20,000 at the end of this year, and $10,000 at the end of each of the four following years (i.e., of

  1. An investment pays you $20,000 at the end of this year, and $10,000 at the end of each of the four following years (i.e., of year 2, 3, 4, 5). What is the present value (PV) of this investment, given that the interest rate is 4% per year?

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