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An investment promises to pay you $9,500 per year starting in 3 years. The cash flow from the investment is expected to increase by 4%

An investment promises to pay you $9,500 per year starting in 3 years. The cash flow from the investment is expected to increase by 4% per year forever. If alternative investments of similar risk earn a return of 11% per year, determine the maximum you would be willing to pay for this investment today.

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