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Your grandmother gifts you a financial gift that promises to pay you $500 per year forever, with the first payment starting 3 years from today.

Your grandmother gifts you a financial gift that promises to pay you $500 per year forever, with the first payment starting 3 years from today. What is the present value of this gift, given an interest rate of 10%? Round to the nearest cent (i.e., enter 50,034.25 for an answer of $50,034.25).

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