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A payment of $10,435 is due in 1 year, $20,000 is due in 4 years, and...

A payment of $10,435 is due in 1 year, $20,000 is due in 4 years, and $8,850 is due in 7 years. What single equivalent payment made today would replace the three original payments? Assume that money earns 5.50% compounded monthly.

Round to the nearest cent

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