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You finance a house purchase with a 20-year mortgage with an effective annual interest rate of 6%. Your first annual mortgage payment is $30,000 at

You finance a house purchase with a 20-year mortgage with an effective annual interest rate of 6%. Your first annual mortgage payment is $30,000 at the beginning of the first year, and subsequent payments decrease by $1,000 each year.

What is the purchase value of the house?

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