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You won a local lottery! Congratulations. You have been awarded a 41-payment, constant growth annuity. The first payment is at Year 0 and is equal

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You won a local lottery! Congratulations. You have been awarded a 41-payment, constant growth annuity. The first payment is at Year 0 and is equal to $10,000. Each subsequent payment will be paid in 6 month intervals, with the final payment at Year 20. Further, payments will grow at a constant growth rate of 4 percent (payment 2 will be $10,0001.04=$10,400, etc.). The appropriate discount rate for this constant growth annuity is a nominal annual rate of 6.7%, with monthly compounding. Given this information, determine the value, at Year 0 , of this constant growth annuity. Round your answer to the nearest $0.01. Hint: Growing Annuity Formula: PVO=[PMT11/(rg)][1((1+g)/(1+r))N]

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