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W 1. Mr. Black has estimated that he is going to receive 10 annual payments for pension fund amounting $8,000 five years from now.

W 1. Mr. Black has estimated that he is going to receive 10 annual payments for pension fund amounting $8,000 five years from now. The rate of return on planned assets has been estimated at 5% percent per year. a- b- Mr. Black wants to calculate the future value of this contribution (15 years from now). What is the present value?

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