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Paul wants to make a gift of $9,000 in todays dollars to his parents at the end of each of the next 11 years. If

Paul wants to make a gift of $9,000 in todays dollars to his parents at the end of each of the next 11 years. If the annual rate of return is 10.4% and inflation is 3.6%, what is the value of the funds he must have in hand today to meet this need for the 11-year period?

Round the answer to two decimal places.

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