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. What is the present value of $1,800 per year, at a discount rate of 12 percent, if the first payment is received 4 years

. What is the present value of $1,800 per year, at a discount rate of 12 percent, if the first payment is received 4 years from now and the last payment is received 22 years from now?

$2,453.15
$9,437.07
$9,248.32
$13,258.40
$9,288.31

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