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Loni buys a machine for her business. The machine costs $280,000. Loni estimates that the machine can produce a $52,000 cash inflow per year for

Loni buys a machine for her business. The machine costs $280,000. Loni estimates that the machine can produce a $52,000 cash inflow per year for the next 8 years. Loni's cost of capital is 9 percent. What is the approximate present value of the future cash flow for Loni?

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