13. A project has certain cash flows today of ($1), growing at 5% per year for 10...

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13. A project has certain cash flows today of \($1\), growing at 5% per year for 10 years, after which the cash flow is constant. The risk-free rate is 5%. The project costs \($20\) and cash flows begin 1 year after the project is started. When should you invest and what is the value of the option to invest?

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