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It is expected that an investment of P at time 0 to provide an income of $ 1 , 0 0 0 every year for

It is expected that an investment of P at time 0 to provide an income of $1,000 every year for the next 12 years. If the investor expects to have a rate of return of 8% per year, what is the value of P?
$6,266
$7.246
$7,107
$7,536

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