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Today is January 1 , 2 0 2 0 . On the first day of the years 2 0 2 1 to 2 0 2

Today is January 1,2020. On the first day of the years 2021 to 2028, you will receive $12,000. If these cash
flows are discounted at 11% per year, what is the present value of these cash flows (rounded to the nearest
dollar)?
$56,546
$61,753
$66,445
$84,000
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