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An investment offers $508 per year forever, with the first payment occurring today. If the...

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Finance

An investment offers $508 per year forever, with the first payment occurring today. If the nominal rate is 5.5% with monthly compounding, the value of the entire investment today is $ ______.

* DO NOT ROUND INTERMEDIATE VALUES, NO CREDIT WILL BE GIVEN * FINAL ANSWER IN DOLLARS, ROUNDED TO TWO DECIMAL PLACES

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