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Consider a series of $1,504 annual cash flows that goes on forever. The first cash flow occurs 3 years from today. If the discount rate

Consider a series of $1,504 annual cash flows that goes on forever. The first cash flow occurs 3 years from today. If the discount rate is 7%, what is the present value of this series of cash flows? Round your answer to the nearest penny.

Answer: 18,766.45

Need help with the formula / math behind this. Thank you!

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