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An investor has a series of three $ 1 2 , 0 0 0 payments expected to be realized at the end of each of

An investor has a series of three $12,000 payments expected to be realized at the end of each of the evaluation years three, four and five. Calculate the present value P at time zero and the corresponding future value F at the end of year 7. No payments are realized in periods zero, one, two, six or seven. Assume a nominal interest rate of 12% compounded annually.

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