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Paul wants to make a gift of $8,000 in today's dollars to his parents at the end of each ofthe next 12 years. If the

Paul wants to make a gift of $8,000 in today's dollars to his parents at the end of each ofthe next 12 years. If the annual rate of return is 13.7% and inflation is 3.1%, what is the value ofthe funds he must have in hand today to meet this need for the 12-year period?

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