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( Topic: Delayed Annuities ) Suppose that you will receive annual payments of $1,425 for a period of 6 years. The first payment will be

(Topic: Delayed Annuities) Suppose that you will receive annual payments of $1,425 for a period of 6 years. The first payment will be made 12 years from now. If the interest rate is 1%, what is the present value of this stream of payments?

(Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

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