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Your generous grandmother is going to give you an end-of-year gift of $4,500 for each of the next 9 years. If general price inflation is

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Your generous grandmother is going to give you an end-of-year gift of $4,500 for each of the next 9 years. If general price inflation is expected to average 2.5% during the next 9 years, what is the present value of these gifts? The real interest rate is 4.0% per year

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