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You are thinking of building a new machine that will save you $1,000 in the first year. The machine will then begin to wear out

You are thinking of building a new machine that will save you $1,000 in the first year. The machine will then begin to wear out so that the savings decline at a rate of 2% per year forever. What is the present value of the savings if the interest rate is 7% per year? The present value of the savings is $ (Round to the nearest dollar.)

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