Sparkling Water, Inc., expects to sell 3.6 million bottles of drinking water each year in perpetuity. This year each bottle will sell for $1.45 in real terms and will cost $.81 in real terms. Sales income and costs occur at year-end. Revenues will rise at a real rate of 1.4 percent annually, while real costs will rise at a real rate of .9 percent annually. The real discount rate is 6 percent. The corporate tax rate is 22 percent.

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