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Your grandfather has left for you in his will a large sum of money. Unfortunately, rather...

Your grandfather has left for you in his will a large sum of money. Unfortunately, rather than giving you this money immediately, he has instructed the trustee to first pay you $8,870 in one year. This payment is to grow by 5.75% each year and to be made annually forever. If the appropriate discount rate is 7.75% compounded monthly, how much have you actually inherited today?

Question 20 options:

$369,373

$379,093

$388,813

$398,534

$408,254

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