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Suppose that you will receive annual payments of $10,000 for a period of 10 years. The first payment will be made four years from now.

Suppose that you will receive annual payments of $10,000 for a period of 10 years. The first payment will be made four years from now. If the interest rate is 6%, what is the present value of this stream of payments? (Round your answer to the nearest cent.)

(please provide the formula and your work)

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