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There is a hypothetical financial instrument which pays 6% interest for the first 7 years and 12% permanently after the first 7 years. This instrument

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There is a hypothetical financial instrument which pays 6% interest for the first 7 years and 12% permanently after the first 7 years. This instrument pays interest quarterly. You are considering investing $10,000 on this instrument and looking for an annual return of 12% on this investment. What should be the present value of this investment? (20 points)

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