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Calculate the present value PV of an investment that will be worth $1,000 at the stated interest rate after the stated amount of time. HINT

Calculate the present value PV of an investment that will be worth $1,000 at the stated interest rate after the stated amount of time. HINT [See Example 2.] (Round your answer to the nearest cent.)

16 years, at 3% per year, compounded annually

PV = $___________

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