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Candy will receive $ 2 0 , 0 0 0 per year forever. However, the first payment will be made two years from today, and

Candy will receive $20,000 per year forever. However, the first payment will be
made two years from today, and payments will be every 6 months. (In other words, she will
receive $10,000 every 6 months, starting 2 years from today.) If her eective annual
discount rate is 10%, what is the PV of this stream of payments?

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