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You have recently been hired by Gold-in-Sacks, Inc. The job starts immediately and you will be paid monthly, with a starting salary of $7,000 per

You have recently been hired by Gold-in-Sacks, Inc. The job starts immediately and you will be paid monthly, with a starting salary of $7,000 per month (you receive your first payment exactly one month from today). You expect your salary to increase at the rate of 4% p.a. throughout your career, and you plan to retire in 30 years. Specifically, in your first year of employment you will receive 12 monthly payments of $7,000. In your second year, you will receive 12 monthly payments of $7,280 ($7,000 x 1.04), and so on. The appropriate discount rate is 12% per annum compounding monthly. Compute the present value of your future income as of today. 2a. Calculate the value, as of

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