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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 4 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 4 years from now. If the interest rate is 5%, what is the present value of this stream of payments? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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