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Delta, Inc. is expected to grow at an annual rate of 3 percent for the foreseeable future. The current profits of Delta are $ 1

Delta, Inc. is expected to grow at an annual rate of

3

percent for the foreseeable future. The current profits of Delta are $

1, 000,

and have not been paid as dividends. What is the value of the firm

(

the present value of all current and future profits

)

assuming the market interest rate is

6 % ?

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