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Last year, your grandmother signed up for a defined-benefit retirement plan. The terms of the plan were to pay $20,000 per year at the end

Last year, your grandmother signed up for a defined-benefit retirement plan. The terms of the plan were to pay $20,000 per year at the end of each year for 25 years and increase the annual payment by 3% each year. Her first payment was last year. What is the present value at retirement plan TODAY if the discount rate is 10%? (round your answer to the nearest whole dollar)

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