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Beginning in 9 years, (beginning of years 9, 10 and 11) Sally Mander will receive three annual benefit checks of $15,000 each. If Sally assumes

Beginning in 9 years, (beginning of years 9, 10 and 11) Sally Mander will receive three annual benefit checks of $15,000 each. If Sally assumes an interest rate of 7%, what is the present value of these checks? $20,875 $22,905 $24,510 $26,258

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