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An investment requires 23,000 today, and produces the first cash flow of 1700 in two years (year 2). Cash flow is expected to grow at

An investment requires 23,000 today, and produces the first cash flow of 1700 in two years (year 2). Cash flow is expected to grow at 3% a year after year 2. a) What is the NPV of this investment if the discount rate is 9% ? b) What is the rate of return of this investment?

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