A series of cash flows begins with $20,000 the first year, with an increase of $2,000 each
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A series of cash flows begins with $20,000 the first year, with an increase of $2,000 each year for the following nine years (total of 10 cash flows). If the interest rate is 8%, what is the present equivalent value of the cash flow series FIVE YEARS BEFORE the first $20,000 cash flow?
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