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Your grandfather is retiring at the end of next year. He would like to ensure...

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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 $ 9,200 a year forever, starting when he retires. If he can earn 8.4 percent annually, how much does your grandfather need to invest to produce the desired cash flow? (Round answer to 2 decimal places e.g. 15.25.) Present value of investment $

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