Cash Flow Valuation Phillips Industries runs a small manufacturing operation. For this fiscal year, it expects real net cash flows of $$295,000.$ The company is an ongoing operation, but it expects competitive pressures to erode its real cash flows at $3\mathrm{.}5$ percent per year in perpetuity. The appropriate real discount rate for the company is $4$ percent. All cash flows are received at year$-$end. What is the present value of the cash flows from the company's operations?Cash Flow Valuation Phillips Industries runs a small manufacturing operation. For this fiscal year, it expects real net cash flows of $$295,000.$ The company is an ongoing operation, but it expects competitive pressures to erode its real cash flows at $3\mathrm{.}5$ percent per year in perpetuity. The appropriate real discount rate for the company is $4$ percent. All cash flows are received at year$-$end. What is the present value of the cash flows from the company's operations?