Question: An insurance company is offering a new policy to its customers. The detail of the policy is as follows. The purchaser makes the following five payments to the company.
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First year
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$500
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Second year
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$600
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Third year
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$700
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Fourth year
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$800
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Fifth year
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$900
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Required: Assume that the interest rate is 10%. How much is the lump sum value of the five payments as of today?
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