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You have just purchased an investment that generates the following cash flows for the next four years. You are able to reinvest these cash flows

You have just purchased an investment that generates the following cash flows for the next four years. You are able to reinvest these cash flows at 13.9 percent, compounded annually.

End of year 1. $4,969 2. $1,772 3. $3,234 4. $3,309

What is the present value of this investment if 13.9 percent per year is the appropriate discount rate?

Round the answer to two decimal places.

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