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your firm has taken on cost saving measures that will provide a benefit of $20,000 in the first year. These cost savings will decrease each

your firm has taken on cost saving measures that will provide a benefit of $20,000 in the first year. These cost savings will decrease each year at a rate of 3% forever. If the appropriate interest rate is 9%, what is the present value of these savings?
rounding to the nearest scent the present value of these cost savings is $_________

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