Your favorite aunty has agreed to contribute towards funding your retirement. She will start with a contribution of $6,000 today (that is, end of year 0) but this amount will then decline at a...

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Extracted text: Your favorite aunty has agreed to contribute towards funding your retirement. She will start with a contribution of $6,000 today (that is, end of year 0) but this amount will then decline at a constant rate of 3% p.a. over the foreseeable future. If the interest rate appropriate for valuing your aunty's contribution is 12% p.a. its present value today is closest to: a) $38,800. b) $44,800. c) $56,000. d) $70,667.