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Ronald has an investment opportunity that promises to pay him $48,000 in five years. He could earn a 8% annual return investing his money elsewhere.

Ronald has an investment opportunity that promises to pay him $48,000 in five years. He could earn a 8% annual return investing his money elsewhere.

What is the most he would be willing to invest today in this opportunity? (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use tables, Excel, or a financial calculator. Round your answer to 2 decimal places.)

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