(Calculating the present value of a negatively growing perpetuity) Your firm has taken cost-saving measures that will...

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(Calculating the present value of a negatively growing perpetuity) Your firm has taken cost-saving measures that will provide a benefit of $10,000 in the first year.

These cost savings will decrease each year at a rate of 3 percent forever. If the appropriate interest rate is 6 percent, what is the present value of these savings?

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