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An investment policy will pay $ 1 0 , 0 0 0 per year forever, with the first payment being made 5 years from now.

An investment policy will pay $

10, 000

per year forever, with the first payment being made

5

years from now. If the required return on that investment is

5 %

per year, how much are you willing to pay for the policy today? Round your answer to the nearest dollar.

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