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QUESTION 7 Assume that time is measured in years and that interest rates are constant. A cashflow of amount 1000 is paid each year, with

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QUESTION 7 Assume that time is measured in years and that interest rates are constant. A cashflow of amount 1000 is paid each year, with the first payment made at time 1 and the last payment made at time 20 Using a constant effective interest rate of 8.6% per annum, calculate the present value at time 0 of the cashflows. Give your answer to 2 decimal places

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