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The following payment plan has a present value of $106,000: $28,000 today, $14,000 at the end of the first year, $16,000 at the end of
The following payment plan has a present value of $106,000: $28,000 today, $14,000 at the end of the first year, $16,000 at the end of the second year, and $X at the end of the third year. The rate of interest is 8.50% per year. How much is X?
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