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Given an annual effective interest rate of 3%, find the with payments present value of an annuity-immediate of $500 every 2 years for 24 years.

Given an annual effective interest rate of 3%, find the with payments present value of an annuity-immediate of $500 every 2 years for 24 years. (The first payment is at time 2 and the last payment is at time 24.)

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