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Property taxes in a particular district are 4% of the purchase price of a home every year. If you just purchased a $250,000 home, what

Property taxes in a particular district are 4% of the purchase price of a home every

year. If you just purchased a $250,000 home, what is the present value of all the

future property tax payments? Assume that the house remains worth $250,000

forever, property tax rates never change, and a 8% interest rate is used for

discounting.

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