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For tax reasons, your client wishes to purchase an annuity that pays $ 7 0 , 0 0 0 each year for 7 years, with

For tax reasons, your client wishes to purchase an annuity that pays $70,000 each year for 7 years, with the first payment in one year. At an interest rate of 11% and focusing on time value of money without consideration of any fees, how much would the client need to invest now? Please round your answer to the nearest hundredth.

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