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Derek has the opportunity to buy a money machine today. The money machine will pay Derek $31,381.00 exactly 16.00 years from today. Assuming that Derek

Derek has the opportunity to buy a money machine today. The money machine will pay Derek $31,381.00 exactly 16.00 years from today. Assuming that Derek believes the appropriate discount rate is 11.00%, how much is he willing to pay for this money machine? Answer format: Currency: Round to: 2 decimal places.

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