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Your grandfather is retiring at the end of next year. He would like to ensure that his heirs receive payments of $ 1 1 ,

Your grandfather is retiring at the end of next year. He would like to ensure that his heirs receive payments of $

11, 100

a year forever, starting when he retires. If he can earn

9.00

percent annually, how much does your grandfather need to invest to produce the desired cash flow?

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