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Problem 3: An investor is considering an investment that will pay $4,500 at the end of each year for the next 9 years. He expects

Problem 3: An investor is considering an investment that will pay $4,500 at the end of each year for the next 9 years. He expects to earn a return of 10 percent on his investment, compounded annually. How much should he pay today for the investment? How much should he pay if the investment returns are received at the beginning of each year?

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