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An investment will pay $1,000 at the end of each of the next 4 years, $900 at the end of Year 5, and $700 at

An investment will pay $1,000 at the end of each of the next 4 years, $900 at the end of Year 5, and $700 at the end of Year 6. What is its present value if other investments of equal risk earn 9 percent annually?

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