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An Agreement Stipulates Payments of $4,000, $2,500, and $5,000 in 3

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An agreement stipulates payments of $4,000, $2,500, and $5,000 in 3, 6, and 9 months, respectively, from today. What is the highest price an investor will offer today to purchase the agreement if he requires a minimum rate of return of 6.25%?

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