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John is thinking of investing in a fund run by Armidale Investment Co. Ltd. He will be required to invest 17 equal annual payments of

John is thinking of investing in a fund run by Armidale Investment Co. Ltd. He will be required to invest 17 equal annual payments of $1,900 each, starting one year from today. If the required rate of return is 7.30% per annum, compounding daily, then the present value of these payments is

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