Calculate the CLV for the following customer

Annual revenue per average customer is $$2,000$ per annum

Product costs associated with the average customer$$s purchases is $$500$ per year

The firm also spends $$100$ a year per customer to provide customer service

Annual retention rate $($loyalty rate$)$ is $80\%$

Average costs to acquire a new customer are $$1,000$

Choose a product that you buy regularly and try to calculate your Customer Lifetime Value $($CLV$)$ to the organization from which you buy the product.