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Elena receives $ 4 5 0 on the first of each month. Harley receives $ 4 5 0 on the last day of each month.

Elena receives $

450

on the first of each month. Harley receives $

450

on the last day of each month. Both Elena and Harley will receive four years of payments. If the discount rate is

9.5

percent, what is the difference in the present value of these two sets of payments?

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