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Consider a series of $ 1 4 5 , 0 0 0 annual cash flows in each of the next 8 years. The first cash

Consider a series of $145,000 annual cash flows in each of the next 8 years. The first cash flow occurs one year from today. If the discount rate is 3%, what is the present value of this series of cash flows? Round your answer to the nearest penny.
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