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Think about an annuity that consists of $ 1 1 4 , 0 0 0 annual cash flows in each of 1 2 years. What

Think about an annuity that consists of $114,000 annual cash flows in each of 12 years. What is the present value if the first cash flow occurs 3 years from tod the
discount rate is 6%? Round your answer to the nearest penny.
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