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You are presented with an investment opportunity that will give you the following stream of cash flows: nothing for the next 3 years; starting at

You are presented with an investment opportunity that will give you the following stream of cash flows: nothing for the next 3 years; starting at the following year, an amount of $4,000 per year until year 12; and after that year, then an amount of $8,000 per year until year 21. If your required rate of return (APR) is 11% compounded annually, what is the future value at end of year 21 of these cash flows?

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