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Mary will receive $12,000 per year for the next 10 years as royalty for her work on a finance book. What is the present value

Mary will receive $12,000 per year for the next 10 years as royalty for her work on a finance book. What is the present value of her royalty income if the opportunity cost is 12%?

$120,000 $67,800 $38,640 None of the above

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