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Peter works at IBM and expects his annual salary to grow steadily at 4% per year for the next ten years, when he expects to

Peter works at IBM and expects his annual salary to grow steadily at 4% per year for the next ten years, when he expects to retire.


His current salary, which has just been paid, is $70,000. If Peter can earn 8% on his investments, What is the present value of his remaining annual salaries?

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