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You are considering investing in a financial instrument that pays $40 at the end of each year for 13 years, plus $1100 at the end

You are considering investing in a financial instrument that pays $40 at the end of each year for 13 years, plus $1100 at the end of the 13th year. If you require a rate of return of 4% per year for such an investment, what is the maximum price you would be willing to pay for this financial instrument?

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