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You are considering an investment that promises to pay $1,000 per year for the next 10 years. The interest rate associated with investments having similar

You are considering an investment that promises to pay $1,000 per year for the next 10 years. The interest rate associated with investments having similar risk is 6.0%.

How much would you be willing to pay for this investment? Hint: students may wish to use Excel to facilitate the calculations.

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