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Consider an investment that pays $49.18 in year 1, and then stabilizes and pays $3.36 every year forever after that (the first cash flow is

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Consider an investment that pays $49.18 in year 1, and then stabilizes and pays $3.36 every year forever after that (the first cash flow is in year 2) This firm does not intend to grow and has an interest rate (required rate of return) of 8 %. What is the present value of this investment opportunity? Give your answer to two decimals

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