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Beginning in 10 years, (beginning of years 10, 11, 12 and 13) Sally Mander will receive four annual benefit checks of $15,000 each. If Sally

Beginning in 10 years, (beginning of years 10, 11, 12 and 13) Sally Mander will receive four annual benefit checks of $15,000 each. If Sally assumes an interest rate of 5%, what is the present value of these checks?

$32,080

$34,290

$37,303

$39,640

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