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Suppose that you have inherited an annuity that will initially pay $1,237 annually beginning 8 years from now. Each of the following 35 annual payments

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Suppose that you have inherited an annuity that will initially pay $1,237 annually beginning 8 years from now. Each of the following 35 annual payments will be 1% larger than the prior payment. Assuming that the annual opportunity cost of capital is 5%, what is the value of this annuity today? Round your final answer to two decimals

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