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Stan elects to receive his retirement benefit over 20 years at the rate of 2000 per month beginning one month from now.The monthly benefit increases

Stan elects to receive his retirement benefit over 20 years at the rate of 2000 per month beginning one month from now.The monthly benefit increases by 5% each year.At a nominal interest rate of 6% convertible monthly, calculate the present value of the retirement benefit.

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