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You are buying a sofa. You will pay $420 today and make three consecutive annual payments of $520 in the future. The real rate of

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You are buying a sofa. You will pay $420 today and make three consecutive annual payments of $520 in the future. The real rate of return is 22 percent, and the expected inflation rate is 4 percent. What is the actual price of the sofa? (Do not round factor values. Roun final answer to 2 decimal places, eg. 1,527.25.) Actual price

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