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An investment promises a series of $19,000 annual cash flows in each of the next 5 years. The first cash flow occurs one year from
An investment promises a series of $19,000 annual cash flows in each of the next 5 years. The first cash flow occurs one year from today. What is the maximum amount a rational investor would pay for this investment if the appropriate discount rate is 8%? In other words, what initial price would generate an NPV of zero? Enter your answer as a positive number rounded to the nearest dollar
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