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Payments from an investment are structured as follows: - A standard annuity (first payment made in year I) that pays $460 per year for 4

Payments from an investment are structured as follows:

- A standard annuity (first payment made in year I) that pays $460 per year for 4 years.

- A delayed annuity (first payment made in year 7) that pays $350 per year for 10 years.

What is the present value of these payments in year 0, assuming a rate of 6.5%?

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