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Suppose you take out a car loan that requires you to pay $7,000 now, $3,000 at the end of year 1, and $7,000 at the

Suppose you take out a car loan that requires you to pay $7,000 now, $3,000 at the end of year 1, and $7,000 at the end of year 2. The interest rate is 3% now and increases to 9% in the next year. What is the present value of the payments?

Enter your response below rounded to 2 decimal places.

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