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David Stephens has made an investment that will pay him $11,455,$16,376, and $19,812 at the end of the next three years. His investment was to

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David Stephens has made an investment that will pay him $11,455,$16,376, and $19,812 at the end of the next three years. His investment was to offer a return of 20 percent. What is the value of these cash flows at the end of year 1 ? $41,065 $38,860 $47,643 $37,712

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