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You stumble out of a Duval Street bar and trip on the sidewalk, hitting your head on the curb. An ER visit later, you are

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You stumble out of a Duval Street bar and trip on the sidewalk, hitting your head on the curb. An ER visit later, you are fine but now you have a $10,000 hospital bill. You plead to the head of the billing department that you are just a poor student. They agree to let you either (1) make a $3,500 payment each year for the next 5 years or (2) pay them a lump sum of $17,000 in 5 years. Assume an interest rate of 6%. What is the future value (5 years from now) of the $3,500 annual payment? Round to the nearest dollar. 19,730 14,743 10,000 12,221

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