Week $3$ F$370$ Homework Part $1$ of $2$ i

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$5\mathrm{.}88$

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Suppose that you will receive annual payments of $$11,500$ for a period of $10$ years. The first payment will be made $8$ years from now. If the interest rate is $5\%,$ what is the present value of this stream of payments?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

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