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A security pays pays an annual cash flow of $1.2 forever. The appropriate discount rate is 7% per year. (Assume the first cash flow is

A security pays pays an annual cash flow of $1.2 forever. The appropriate discount rate is 7% per year. (Assume the first cash flow is paid one year from now.)

What is the present value of all future cash flows?

Answer: +1 decimals

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