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Bill's parents have deposited $2000 into an account that will earn an annual effective rate of 8% for 4 years and 6 months, at which

Bill's parents have deposited $2000 into an account that will earn an annual effective rate of 8% for 4 years and 6 months, at which time Bill will be given the accumulated value in the fund.

Bill uses an annual effective discount rate of 5% per year to find the present value of the payment he will receive in 4 years and 6 months.

Find the present value calculated by Bill.

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