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Howard is thinking of investing in a fund run by Babinda Investment Co. Ltd. He will be required to invest 12 equal annual payments of

Howard is thinking of investing in a fund run by Babinda Investment Co. Ltd. He will be required to invest 12 equal annual payments of $1,500 , starting one year from today. If the required rate of return is 8% per annum, compounding quarterly, then the present value of these payments is

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