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You are scheduled to receive an annual payment of $3,600 in one year. This payment will increase by 4% annually forever (you are going to

You are scheduled to receive an annual payment of $3,600 in one year. This payment will increase by 4% annually forever (you are going to receive the payments at the end of each year forever). The discount rate is 4.5 percent. What is the present value of these cash flows?

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