Congratulations! Youve just won the ($20) million first prize in the Subscriptions R Us Sweepstakes. Unfortunately, the

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Congratulations! You’ve just won the \($20\) million first prize in the Subscriptions R Us Sweepstakes. Unfortunately, the sweepstakes will actually give you the \($20\) million in \($500,000\) annual instalments over the next 40 years, beginning next year. If your appropriate discount rate is 12 percent per year, how much money did you really win?

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Fundamentals Of Corporate Finance

ISBN: 9780072313000

5th Edition

Authors: Stephen A Ross, Randolph W Westerfield

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