Problem 5-7 Present and future values of a cash flow stream

An investment will pay $150 at the end of each of the next 3 years, $250 at the end of Year 4, $400 at the end of Year 5, and $500 at the end of Year 6.

If other investments of equal risk earn 12% annually, what is its present value? Round your answer to the nearest cent.

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