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Assume that a project earns $8mln in the next year. These cash flows are expected to decrease with -2% per year in the following years.

Assume that a project earns $8mln in the next year. These cash flows are expected to decrease with -2% per year in the following years. The project has an infinite life. Further assume that the discount rate is 10%. What is the present value of these cash flows? Please give your answer in two decimals.

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