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Your grandfather left you an inheritance that will provide an annual income for the next 10 years. You will receive the first payment one year from now in the amount of $4,000. Every year after that, the payment amount will increase by 6%. What is your inheritance worth to you today if you can earn 9.5% on your investments?

Please explain how you got the answer! Step by step for the formula that you use.

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Category:- Financial Management
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