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3. An orcharder spends $110,000 to plant pomegranate bushes. It will take four years for the bushes to provide a usable crop. He estimates he

3. An orcharder spends $110,000 to plant pomegranate bushes. It will take four years for the bushes to provide a usable crop. He estimates he will receive a crop worth $10,500 per year for 20 years after that. If the discount rate is 9%, what is the net present value (NPV) of this investment?

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