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CJ will receive $8000 per year forever, starting today. If the effective annual interest rate is 7%, what is the present value of this cash

CJ will receive $8000 per year forever, starting today. If the effective annual interest rate is 7%, what is the present value of this cash flow?

Select one: a. $124,890 b. $133,385 c. $140,833 d. $110,250 e. $122,286

Please show how to solve it, thank you!

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