Question: Given a 5 percent interest rate, compute the present value of payments made in years 1, 2, 3, and 4 of $2,000, $2,200, $2,200, and

Given a 5 percent interest rate, compute the present value of payments made in years 1, 2, 3, and 4 of $2,000, $2,200, $2,200, and $2,500. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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