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Annette is nearing retirement and is evaluating an investment product from MetLife Insurance. The investment will guarantee a payment of $20000 at the end of

Annette is nearing retirement and is evaluating an investment product from MetLife Insurance. The investment will guarantee a payment of $20000 at the end of each year for 30 years with a clause to increase the annual payment for inflation by 3% per year. Assuming that the appropriate discount rate for the investment is 4% based on the current economic conditions, what is the fair price for this product?

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