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You are thinking of building a new machine that will save you $ 5,000 in the first year. The machine will then begin to wear

You are thinking of building a new machine that will save you $ 5,000 in the first year. The machine will then begin to wear out so that the savings decline at a rate of 3 %

per year forever. What is the present value of the savings if the interest rate is 8 % per year?

The present value is $___

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