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What is the present value of this series of payments received in the future?

$300 at end of year 1

$400 at end of year 2

$300 at end of year 3

Assume the applicable interest rate is 12% the first year and 4% in each of the next two years.

The present value of this series of payments can be calculated using the present value of an annuity formula. The formula is:PV = PMT x [1 - (1 + i)-n