You receive a 500 check in the mail today from a distant

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You receive a $500 check in the mail today from a distant uncle who wrote on the accompanying note that as long as you stay drug free, you will continue to receive similar checks every six months for 9 and 1/2 more years. What is the present value of this cash flow, assuming your annual time preference rate is 12%? (round to the nearest dollar)

Reference no: EM13610291

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