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Assume Ellina earns a 8 percent after-tax rate of return, and that she owes a friend $1,200. She can pay the friend $1,200 today or

Assume Ellina earns a 8 percent after-tax rate of return, and that she owes a friend $1,200. She can pay the friend $1,200 today or $1,750 in four years. What is the present value of the $1,750 payment due in four years?

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