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Frodo Baggins is about to sail to Valinor from the Gray Havens, but wants to leave a legacy fund for Sam's children. It should pay
Frodo Baggins is about to sail to Valinor from the Gray Havens, but wants to leave a legacy fund for Sam's children. It should pay $16,000 each year forever and the first payment begins next year. How much must he put in the fund if the discount rate is 4.3%? (Provide your solution as decimal with two digits of accuracy.)
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