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[All Steps] Jerry was born today. His grandmother has set up a trust fund for him with the following terms: Starting the day Jerry turns 18, he will receive

Question: Jerry was born today. His grandmother has set up a trust fund for him with the following terms: Starting the day Jerry turns 18, he will receive $1,000 on each birthday through his 29th birthday. On his 30th birthday, Jerry will receive a lump sum of $10,000, which will be the final payment. What is the present value of Jerry’s trust fund? Assume an interest rate of 10%.

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