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What is the present value of $1,000 per year, at a discount rate of 7 percent, if the first payment is received 4 years from

What is the present value of $1,000 per year, at a discount rate of 7 percent, if the first payment is received 4 years from now and the last payment is received 26 years from now?

Multiple Choice

$11,372.19

$1,871.10

$9,201.46

$9,029.27

$9,017.43

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