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Stephen is 48 and has just retired because he is such a wealthy investment banker. He will receive his first pension check of $15,000 in

Stephen is 48 and has just retired because he is such a wealthy investment banker. He will receive his first pension check of $15,000 in one year and then for years to come. The effective rate he could earn at his bank i 4.0% per year. If Stephen could live forever, how much is the current value of his pension payments? Round to two decimal places

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