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16. Spherical Manufacturing recently spent $15 million to purchase some equipment used in the manufacture of disk drives. This equipment has a CCA rate of

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16. Spherical Manufacturing recently spent $15 million to purchase some equipment used in the manufacture of disk drives. This equipment has a CCA rate of 25%, and Spherical's marginal corporate tax rate is 35%. d. What is the present value of all the CCA tax shields, assuming the equipment is never sold and the appropriate discount rate is 10% per year

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