Sparkling Water, Inc., expects to sell 2.87 million bottles of drinking water each year in perpetuity. This year each bottle will sell for $1.60 in real terms and will cost $.97 in real terms. Sales income and costs occur at year-end. Revenues will rise at a real rate of 4 percent annually, while real costs will rise at a real rate of 3 percent annually. The real discount rate is 12 percent. The corporate tax rate is 38 percent.

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