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You will receive a payment of $490 one year from now. Each year after, you will receive a payment. The payments will increase by 1%

image text in transcribed You will receive a payment of $490 one year from now. Each year after, you will receive a payment. The payments will increase by 1% each year. What is the present value, if the discount rate is 6% ? Round your answer to the nearest penny (two decimal points) Do not use the dollar sign

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