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5. Alexander Enterprises leases property to Hamilton Ltd. Since Hamilton is experiencing financial difficulty, Alexander agrees to receive five rents of 20,000 at the end

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5. Alexander Enterprises leases property to Hamilton Ltd. Since Hamilton is experiencing financial difficulty, Alexander agrees to receive five rents of 20,000 at the end of each year, with rents deferred three years. What is the present value of the deferred rental payments discounted at 12%? (75 POINTS)

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