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John Takabayashi retired as president of Regal Company and is currently on a consulting contract for $40,000 per year for the next 15 years. If

John Takabayashi retired as president of Regal Company and is currently on a consulting contract for $40,000 per year for the next 15 years. If Mr. Takabayashi's opportunity cost (potential return) is 10 percent, what is the present value of his consulting contract?

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