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The government is designing a new kind of bond. The bond will pay investors in $20,000 instalments starting at the end of the 15th year

The government is designing a new kind of bond. The bond will pay investors in $20,000 instalments starting at the end of the 15th year and ending at the end of the 35th year. (A total of 21 instalments.) Assuming an interest rate of 8%, what is the present value of this stream of payments?

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