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According to the nonconstant growth model discussed in the textbook, the discount rate used to find the present value of the expected cash flows during

According to the nonconstant growth model discussed in the textbook, the discount rate used to find the present value of the expected cash flows during the initial growth period is the same as the discount rate used to find the PVs of cash flows during the subsequent constant growth period.

a. True

b. False

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