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The repayment schedule for a construction loan is expected as annual payments of $4,000 at the end of the first year, and will increase $1,500

The repayment schedule for a construction loan is expected as annual payments of $4,000 at the end of the first year, and will increase $1,500 per year thereafter for the next ten years. What present sum of money would need to be allocated now at 5% interest to pay the future payments on this construction loan?

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