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Kathys rich uncle promises her an allowance of $ 1 0 , 0 0 0 per month for 6 months, with the first allowance to

Kathys rich uncle promises her an allowance of $

10, 000

per month for

6

months, with the first allowance to be made

1

month from today. If the interest rate is

0.5 %

per month, what is the present value of the promised allowance?

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