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You purchase an investment which will pay you $7,000 in real dollars per year for the next three years. Each payment will be received at
You purchase an investment which will pay you $7,000 in real dollars per year for the next three years. Each payment will be received at the end of the period with the first payment occurring one year from today. The nominal discount rate is 8.2% and the inflation rate is 2.1%. What is the present value of these payments? (Round answer to 2 decimal places. Do not round intermediate calculations)
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