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5. An investment offers $4,600 per year for 15 years, with the first payment occurring one year from now. If the required return is 8%

5. An investment offers $4,600 per year for 15 years, with the first payment occurring one year from now. If the required return is 8% per year, a) what is the value of the investment today? (3 marks) b) What would the value be if the payments occurred forever? (2 marks)

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