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(Related to Checkpoint 5.4) (Present value) What is the present value of $700 to be received 15 years from now discounted back to the present

(Related to Checkpoint 5.4) (Present value) What is the present value of $700 to be received 15 years from now discounted back to the present at

9 percent?

The present value of $700 to be received 15 years from now discounted back to the present at 9 percent is $_______ (Round to the nearest cent.)

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