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Suppose the 1-year period interest rate is 0.09 (as a decimal, not percent). If your rich aunt promises you a guaranteed living expense of $50,819

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Suppose the 1-year period interest rate is 0.09 (as a decimal, not percent). If your rich aunt promises you a guaranteed living expense of $50,819 per year forever with the first payment today and again each year in the future, what is the present value of her promise? Round your answer to the nearest $0.01

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