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Compute the present value of $4,700 paid in two years using the following discount rates: 9 percent in the first year and 8 percent in

Compute the present value of $4,700 paid in two years using the following discount rates: 9 percent in the first year and 8 percent in the second year. (Do not round intermediate calculations and round your answer to 2 decimal places.)

Present value $

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