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Suppose you invest $250,000 in an annuity that returns 5 annual payments, with the first payment one year from now and each subsequent payment growing

Suppose you invest $250,000 in an annuity that returns 5 annual payments, with the first payment one year from now and each subsequent payment growing by 6%. At an interest rate of 7%, how much is the first annual payment you receive?

Please round your answer to the nearest hundredth decimal.

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