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Calculate the present value of lifetime salary

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George Anders has just been offered a job at $55,000 per year, with the first payment made one year from today. He anticipates his salary will grow by 3% per year until his retirement in 35 years. Given an interest rate of 8%, calculate the present value of his lifetime salary. (Enter a positive value and round to 2 decimals)

Reference no: EM132648557

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