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Assume that a project earns $11mln starting in the next year. These cash flows are expected to decrease with -5% per year in the following

Assume that a project earns $11mln starting in the next year. These cash flows are expected to decrease with -5% per year in the following years. The project has a lifetime of 20 years. Further assume that the discount rate is 12%. What is the present value of these cash flows? Please give your answer in millions and in two decimals.

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