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Martin has the opportunity to invest in a scheme which will pay $ 5 0 0 0 at the end of each of the next

Martin has the opportunity to invest in a scheme which will pay $

5000

at the end of each of the next

5

years. He must invest $

10, 000

at the start of the first year and an additional $

10, 000

at the end of the first year. What is the present value of this investment if the interest rate is

3 % ?

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