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Engineer estimates annual toll revenues for 20 years of a future highway with the following formula: An = ($ 2 , 000 , 000 )
Engineer estimates annual toll revenues for 20 years of a future highway with the following formula: An = ($ 2,000,000) (n) (1.06)^n-1 N = 1, 2,..., 20. During the project study, he is asked to estimate the total present value of the toll revenues at an annual interest rate of 6%. If the interest is compound annually, find the present value of income
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