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When Derek was a small child, his grandfather established a trust fund for him to receive $15,000 on his thirty-fifth birthday. Derek just turned 23.

When Derek was a small child, his grandfather established a trust fund for him to receive $15,000 on his thirty-fifth birthday. Derek just turned 23. What is the value of his trust today if the trust fund earns 4 percent interest? If he had to wait until age 40 to receive the money, what is the present value today of the $15,000 to be received in 17 years?

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