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An asset is expected to pay a cash flow of $20 every 6 months in perpetuity with the first cash flow occurring in one years

An asset is expected to pay a cash flow of $20 every 6 months in perpetuity with the first cash flow occurring in one years time. Similar investment opportunities have a required return of 4% p.a. compounded quarterly. What is the maximum amount you should be willing to pay for the asset today?

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