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You are offered an investment that will make three $4,000 payments. The first payment will occur four years from today. The second will occur in

  1. You are offered an investment that will make three $4,000 payments. The first payment will occur four years from today. The second will occur in five years, and the third will follow in six years. If you can earn 12 percent, what is the most this investment is worth today? What is the future value of the cash flows?

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