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A famous high-volume calculus text generates royalties beginning with $60,000 in the first year and declining each year by 40% of the previous year due

A famous high-volume calculus text generates royalties beginning with $60,000 in the first year and declining each year by 40% of the previous year due to used sales and competition. The author is on a 4-year cycle of revision. Determine the present worth of one complete cycle of royalties if the author's time value of money is 7%.$

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