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What is the present value of two $1,000 payments that would arrive at the end of every year assuming an interest rate of 5 percent

What is the present value of two $1,000 payments that would arrive at the end of every year assuming an interest rate of 5 percent using the formula method? (Round to 0 decimal places.)

multiple choice

$1,859.41
$1,005.00
$1,111.11
$6,667.67

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